Princeton NuEnergy scores $30 million in funding for lithium battery recycling

Founded out of Princeton University in 2019, PNE developed a patented direct recycling technology for lithium-ion batteries. A low-temperature plasma-assisted separation process was developed at Princeton University and is now trademarked as LPAS to produce battery-grade cathode and anode materials suitable for direct reintroduction into cell manufacturing. The company reports that this recycling is done at half the cost and is 70% less energy-intensive.

Recovering lithium and other critical battery materials is important as the U.S. ramps up electric vehicle production. While the U.S. is making strides toward manufacturing batteries, it is behind in the race for raw materials as China reportedly holds the majority of the world’s lithium refining capacity.

To advance lithium battery recycling, PNE has received over $55 million in grants, and strategic and venture funding including investments from Honda Motor Co. Ltd., LKQ Corporation, Samsung Venture, Shell Venture, Traxys Group, Wistron Corporation, and the U.S. Department of Energy.

Investor demand for this 50% oversubscribed round brought PNE’s Series A total to $30 million. Samsung Venture and Helium-3 join the round’s previous investors. The funds will support the construction of PNE’s first standalone, full-scale direct battery recycling advanced manufacturing facility.

“The incredible interest in our Series A round, capped off by a strategic investment from Samsung Venture Investment Corporation and Helium-3 Ventures, speaks to the importance of supporting a circular economy for lithium battery manufacturing here in the U.S.,” said Dr. Chao Yan, PNE’s co-founder and CEO. “This funding enables us to implement and demonstrate our capabilities at commercial scale, helping America meet the growing demand for high-performance batteries while also creating high-quality clean energy jobs.”

PNE was named to Time Magazine’s “America’s Top Greentech Companies 2024”