TLDR:
– Princeton NuEnergy (PNE) raises an additional $10.3 million in Series A funding.
– The funding will support the advancement of lithium-ion battery direct recycling technology.
Article Summary:
Princeton NuEnergy (PNE) has successfully secured $10.3 million in additional funding for its Series A round, bringing the total funding raised in the past six months to $26.4 million. The company’s innovative low-temperature plasma-assisted separation process (LPAS™) for lithium-ion battery recycling has attracted key investors including SCGC, Tech Council Ventures, and a subsidiary of LKQ Corporation.
PNE’s direct recycling method offers higher critical material recovery rates and superior material performance compared to traditional recycling methods, leading to reduced costs, environmental waste, and carbon emissions. The funds will be used to construct an Advanced Black Mass and Cathode Manufacturing Center in the southeastern U.S., aiming to secure the nation’s critical material supply chain and create domestic manufacturing capabilities.
With a total of $26.4 million in Series A funding and U.S. Department of Energy grants totaling $18 million, PNE is committed to reducing the country’s dependence on foreign critical materials and promoting sustainable battery recycling practices. The company’s innovative approach not only addresses environmental concerns but also contributes to the creation of high-quality clean energy jobs within the United States.
