Multi-million dollar backing for US battery specialist

Princeton NuEnergy has received US$ 30 million (EUR 28 million) to advance its battery recycling efforts in the US.

NuEnergy says the latest funding round, led by Samsung Venture Investment Corp., will help commercialise its lithium-ion battery recycling process. As a first step, the company will set up an ‘advanced full-scale battery recycling facility’.

Patented solution

NuEnergy is based in New Jersey and pioneers a low-temperature plasma-assisted separation (LPAS) process, developed at Princeton University. Output fractions are described as battery-grade cathode and anode materials that could serve battery production.

The novel approach, trademarked as LPAS, recovers up to 95% of materials found in all lithium-ion battery chemistries. NuEnergy says it enables battery recycling at half the cost. It is also 70% less energy intensive.

NuEnergy was founded in 2019. Since then, it has acquired US$ 55 million in backing while holding a patent for its direct recycling technology for lithium-ion batteries.

Circular vision

‘The incredible interest in our Series A round speaks to the importance of supporting a circular economy for lithium battery manufacturing here in the US,’ says NuEnergy ceo Dr. Chao Yan.

‘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.’