NEU is a lithium battery recycling startup based in Singapore. Recently, the company said it had raised $3.7 million in oversubscribed funding in a seed round led by Singapore government-backed deep-tech investment arm SGInnovate.
NEU Battery Materials said in a statement that this round of financing will accelerate the deployment of NEU's automated recycling lines , thereby reducing its operating manpower requirements. In addition, NEU Battery Materials also stated that the company will also focus on further developing partnerships in the global new energy market .
"The new financing will fuel our growth strategy and not only help us expand into new markets, but also enhance the processing capacity of our Singapore factory. With our advanced automated production line, we are ready to process more batteries efficiently, further contributing to the sustainability of the battery industry ’ ” said Bryan Oh, CEO of NEU Battery Materials.
NEU Battery Materials has set up a 150-square-meter pilot recycling plant in Singapore, which can process and recycle about 150 tons of lithium batteries per year. The company has also developed an electrochemical redox targeting technology, a patented process that consumes only electricity and utilizes regenerative chemicals to enable sustainable recycling of batteries.
The technology produces less pollution than more common processing methods such as hydrometallurgy and pyrometallurgy . Not only does it avoid the discharge of toxic waste and strong acids, it also paves the way for wider sustainable recycling of lithium batteries in all their forms. The technology produces battery-grade lithium metal for recycling by battery manufacturers and can also process lithium iron phosphate batteries. Separately, the company has begun research into recycling other lithium battery chemistries, such as cobalt-containing batteries used in smart devices and electric vehicles.
" If the recycling of lithium iron phosphate batteries can be sustainable, it will become the basis of the battery circular economy, provide new and more stable sources of supply and income, and reduce the negative impact of mining." Hsien- Hui Tong said. "Emerging technologies that provide scalable, impactful solutions to the Sustainable Development Goals is one of SGInnovate's key focus areas and we are delighted to support NEU Battery Materials in its broader decarbonisation mission."
The CEO of the company attended the China International Lithium Battery Recycling Summit in 2021 and delivered a keynote speech
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