Latest financing totaling $26.4 million over six months, supplements the company’s $16.1 million initial closing with the remaining round attracting valuable strategic partners.
BORDENTOWN, N.J., May 13, 2024 /PRNewswire/ — Princeton NuEnergy (“PNE”), a leading clean-tech innovator specializing in lithium-ion battery direct recycling, proudly announces a successful round of equity financing totaling $10.3 million. Key investors include SCGC (a subsidiary of SCG Group), Tech Council Ventures, and a subsidiary of LKQ Corporation. This recent injection of capital brings the company’s total Series A funding over the past 6 months to $26.4 million.
PNE’s flagship innovation is a low-temperature plasma-assisted separation process (LPAS™), a patented technology that significantly reduces costs, environmental waste, and carbon emissions commonly associated with lithium-ion battery recycling. PNE’s direct recycling approach enables higher critical material recovery rates and superior material performance compared with traditional recycling methodologies.
“We are immensely thankful for the support of our investors and partners. With their backing, we’re set to expand upon the solid groundwork we’ve laid, driving forward with even greater momentum.” stated PNE Co-Founder and CEO, Dr. Chao Yan. “PNE’s Cathode-to-Cathode™️ technology is reshaping the landscape of critical material reclamation, driving down costs while making a significant impact on the sustainability of battery recycling. This groundbreaking process not only reduces carbon emissions and energy consumption but also establishes a sustainable model for battery recycling.”
The newly acquired funds will support construction of an Advanced Black Mass and Cathode Manufacturing Center in the heart of the southeastern U.S. ‘battery belt’.
In addition to this $26.4 million Series A raise and preceding Seed Round of $7 million, PNE has secured multiple U.S. Department of Energy grants for battery recycling research of $18 million, in total. The new Series A funding further solidifies PNE’s commitment to reducing the nation’s dependence on foreign critical materials by securing the U.S. critical material supply chain, fostering domestic manufacturing capabilities, and cultivating high-quality clean energy jobs within the United States.
About LKQ Corporation:
LKQ Corporation is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OEM recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles.
About Tech Council Ventures LLC
Founded in 2000, Tech Council Ventures has been focused on investing in exciting innovators across multiple industries in the region for over 20 years. Tech Council Ventures offer portfolio companies access to an extensive network of resources and expertise to accelerate their success.
About SCG Chemicals Public Company Limited
SCG Chemicals Public Company Limited (SCGC), a subsidiary of The Siam Cement Public Company Limited (SCG), is a leading industry player in the Asia-Pacific region. Established in 1989, SCGC specializes in high-value-added (HVA) products across various sectors. Through joint ventures and separate business units, SCGC develops innovative solutions for industrial and everyday applications.
For media inquiries, please contact:
Arsalan Khan
[email protected]
SOURCE Princeton NuEnergy