Princeton NuEnergy Secures $16 Million In Series A Funding To Advance Lithium-Ion Battery Direct Recycling Technology
Innovative clean-tech company is poised to revolutionize lithium-ion battery recycling with low-temperature plasma-assisted separation process (LPAS™)
BORDENTOWN, N.J., Nov. 6, 2023 /PRNewswire/ -- Princeton NuEnergy ("PNE"), a clean- tech innovator specializing in recycling, repurposing, and commercializing lithium-ion battery materials, is pleased to announce the initial closing of its Series A funding round, raising $16 million. The round was led by Wistron Corporation (TPE: 3231), a Fortune Global 500 member and industry leader in electronics recycling services. Additionally, new institutional investors participated in this round, including Honda Motor Co., Ltd. (NYSE: HMC), GS Futures, and Traxys North America, joining previous investors Greenland Technologies, Shell Ventures, and WorldQuant Ventures, among others. PNE will use the proceeds for new recycling facility construction and equipment procurement to further increase processing capacity and support company operations.
PNE's flagship innovation is a low-temperature plasma-assisted separation process (LPAS™), a patented technology that significantly reduces costs, environmental waste, and carbon emissions commonly associated with lithium-ion battery recycling. PNE's approach enables higher critical material recovery rates and superior material performance compared with traditional recycling methodologies.
"As the world navigates the challenges of sustainable energy and responsible technology disposal, PNE remains dedicated to driving innovative solutions that have a positive impact," stated PNE Founder and CEO, Dr. Chao Yan. "This Series A funding round represents a major step towards realizing our vision of a cleaner, greener future through cutting-edge lithium-ion battery recycling technology. We are grateful for the support from our investors and partners and look forward to building upon the solid foundation we have built to date."
In addition to the $16 million Series A and previous seed rounds totaling $7 million, PNE has been awarded multiple research grants for battery recycling from the U.S. Department of Energy, most recently for $12 million and $4.375 million. The Series A funding will fortify PNE's commitments to reducing the nation's reliance on foreign critical materials, expanding domestic manufacturing capabilities, and enhancing the creation of high-quality clean energy jobs in the U.S.
From our lead Investors:
Wistron Corporation
"Wistron is pleased to be a significant investor in and partner with PNE. Closing this round marks another milestone in advancing PNE's technology, establishing a foundation for the lithium-ion battery circular supply chain, and addressing the global need for electrification to help combat climate change. We are particularly proud to be PNE's partner in our joint pilot production facility in McKinney, TX and are excited for PNE's future prospects."
- Peter Tung, President of Service and Recycling Business Group, Wistron Corporation.
Honda Motor Co.,Ltd.
"Princeton NuEnergy has an innovative concept and technologies for lithium-ion battery recycling, and Honda has high expectations for their future potential. The plasma-based direct recycling technology will enable the sustainability of the EV battery supply chain and, as Honda strives to achieve 100% use of sustainable materials by 2050, we envision that this technology has a great potential. Honda will continue to search for, collaborate with and invest in various venture companies with a promising future through our global open innovation program – Honda Xcelerator Ventures*."
*Honda Xcelerator Ventures is an open innovation program promoting collaboration between startups and Honda. Honda Innovations Co., Ltd.,, a subsidiary of Honda Motor Co., Ltd., has been the main driving force behind this global program.
- Manabu Ozawa, Managing Executive Officer of Honda Motor Co., Ltd.
About Princeton NuEnergy
Princeton NuEnergy (PNE), a U.S.-based, innovative clean-tech company founded out of Princeton University, is quickly revolutionizing the critical materials supply chain with its patented direct recycling technology for lithium-ion batteries. PNE's patented low-temperature plasma-assisted separation process (LPAS™) produces battery-grade cathode and anode materials suitable for direct reintroduction into cell manufacturing. This direct recycling process delivers recycling efficiency rates of over 95% and exceptional ESG performance at half the cost and with a much lower environmental footprint compared to conventional methods. In 2022 PNE launched the first end-to-end production-scale lithium-ion battery direct recycling line in the U.S.http://www.pne-old.beaconfireinc.com/
About Wistron Corporation
Wistron Corporation (TPE:3231) is a Fortune Global 500 company and a Technology Service Provider supplying ICT (information and communication technology) products, services, and systems to our global customers. Wistron is devoted to increasing the value of its services through developing innovative solutions in the areas of green recycling, cloud, and display vertical integration. Our extensive technology services include 5G, AI, Metaverse related applications, Electric and Autonomous Vehicles, as well as Industry 4.0. For more information, please visit: www.wistron.com.
About Honda Motor Co., Ltd.
Honda Motor Co., Ltd. (NYSE: HMC) is responsible for the development, production and sales of automobiles, motorcycles, power products and aviation products worldwide. Honda now delivers over 30 million products annually through its three product lines. Honda and its partners build products in more than 60 manufacturing plants in 27 countries, employing about 220,000 associates globally. On a global basis by 2050, Honda is striving to achieve carbon neutrality for all products and corporate activities, as well as zero traffic collision fatalities involving Honda automobiles and motorcycles.
For media inquiries, please contact:
Arsalan Khan
arsalan_khan@pnecycle.com
SOURCE Princeton NuEnergy
