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Neu Battery Materials Concludes Oversubscribed Us$3.7M Seed Funding Round

Jul 05, 2023•about 2 years ago

Amount Raised

$3.7 Million

Round Type

seed

SingaporeSustainabilitySoftwareConsumer Electronics

Investors

Paragon Ventures IShift4 GoodComfort Del Gro VenturesSg Innovate

Description

NEU Battery Materials, a Singapore-based lithium-ion battery recycling startup, has raised a total of US$3.7M in an oversubscribed Seed Funding Round led by SGInnovate, a Singapore government-backed Deep Tech investor and ecosystem builder. The round was also joined by ComfortDelGro Ventures, Shift4Good, Paragon Ventures I, and other angel investors.

Company Information

Company

NEU Battery Materials

Location

Singapore

About

Lithium battery recycling is costly, inflexible and inefficient. NEU's mission is to change that. NEU Battery Materials has developed the world’s first electrochemical lithium-ion battery recycling technology, providing a greener, scalable, and commercially viable alternative to conventional processes today. Our patented LFP-first technology enables a near-zero waste recycling process of lithium batteries. We empower automotive OEMs, cell manufacturers, and battery recyclers to lean into LFP batteries knowing there is a circular solution to recover the critical metals. Our modular recycling units only consume water and electricity to extract lithium from end-of-life lithium batteries, removing the need for costly, wasteful acid leaching or smelting processes to extract lithium. Contact us at hello@neumaterials.com Learn more and click the URL below!

Funding Insights

Based on industry data
VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers

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