A further $10.3 million in Series A investment was secured by Bordentown, New Jersey-based Princenton NuEnergy, a clean-tech developer with a focus on lithium-ion battery direct recycling.
Investors
- Supporters included Tech Council Ventures
- a division of LKQ Corporation
- SCGC (a subsidiary of SCG Group)
- Raising the total amount of Series A capital raised during the previous six months to $26.4M
In the center of the “battery belt” that runs across the Southeast of the United States, the business plans to utilize the funding to finance the building of an Advanced Black Mass and Cathode Manufacturing Center.
Apart from the $26.4 million Series A funding and the $7 million Seed Round that came before it, PNE has received several grants totaling $18 million from the US Department of Energy for research on battery recycling.
About Princenton NuEnergy
Under the direction of its CEO, Dr. Chao Yan, PNE has created a proprietary low-temperature plasma-assisted separation method (LPASTM) that lowers the expenses, waste products, and carbon emissions that are often connected to recycling lithium-ion batteries. When compared to traditional recycling procedures, its direct recycling methodology allows for better critical material recovery rates and superior material performance.
