TLDR:
- Princeton NuEnergy closed a $30M Series A funding round led by Samsung Venture Investment Corporation and Helium-3.
- The funds will be used to support the construction of PNE’s first standalone, full-scale direct battery recycling advanced manufacturing facility.
Article Summary:
Princeton NuEnergy (PNE), a leader in lithium-ion battery direct recycling, recently closed a $30 million Series A funding round. The funding included a strategic investment from Samsung Venture Investment Corporation, as well as Helium-3, Honda Motor Co. Ltd., LKQ Corporation, SCG Group, Traxys Group, and Wistron Corporation. PNE plans to use the funds to build its first full-scale battery recycling facility, with construction details to be announced soon.
Overall, Princeton NuEnergy has raised over $55 million, which includes grants from the U.S. Department of Energy and a previous seed and angel round of $7.9 million. Led by CEO Dr. Chao Yan, PNE is known for its low-temperature plasma-assisted separation process (LPAS™) that produces high-quality cathode and anode materials for battery manufacturing. This process is more cost-effective and environmentally friendly compared to traditional methods.
