Battery Resourcers Secures $70 Million in New Funding
Funds will go toward commercialization of the company's sustainable closed loop battery active material production
21 Sep, 2021, 09:00 ET
WORCESTER, Mass., Sept. 21, 2021 /PRNewswire/ -- Battery Resourcers, a vertically integrated lithium-ion battery recycling and manufacturing company, today announced the closing of its latest mid-round funding totalling $70 million. The company will use this latest funding round to advance and expand the industry's most sustainable, cutting-edge closed loop material production technology that accepts mixed input of scrap batteries and end of life batteries to produce cathode material. In response to increased demand for sustainable battery production, Battery Resourcers will also expand commercial plants that will be operational in the U.S. and in Europe by the end of 2022.
Hitachi Ventures became the newest investor to join the world-class syndicate of strategic and financial investors already backing Battery Resourcers' approach and technology. Existing investors include Orbia Ventures, Jaguar Land Rover's InMotion Ventures, Doral Energy, At One Ventures, TDK Ventures and Trumpf Ventures.
"With the influx of lithium-ion batteries hitting the market and increased demand for recycled content, the need for battery end of life solutions is more prevalent than ever," states Michael O'Kronley, CEO and Director of Battery Resourcers. "This most recent funding round supports Battery Resourcers' ongoing expansion in the U.S. and extends it to Europe to reinforce our mission of closing the loop on the battery material supply chain."
"Compared to battery recycling operators, Battery Resourcers' technology is a game changer for the entire industry. They extract more valuable materials than what recyclers do," shares Francois Dossa, Executive Director of Strategy and Sustainability at Jaguar Land Rover. "Battery Resourcers is creating a more sustainable future by providing multiple material re-entry options into the battery supply chain process, in alignment with JLR's goal of achieving net-zero carbon emissions across our supply chain."
"Battery Resourcers develops key technologies for full battery circularity returning of active materials back into the supply chain in the most sustainable and responsible way. The investment supports our mission at Hitachi Ventures to solve environmental challenges and reduce carbon emissions," notes Tobias Jahn, Partner at Hitachi Ventures. Dr. Norihiro Suzuki, CTO Hitachi Ltd. adds: "Collaborating with Battery Resourcers contributes to Hitachi's efforts towards the effective use of depleted resources and a low carbon society."
Founded in Worcester, Massachusetts, Battery Resourcers recently announced two new strategically located facilities in Westborough, Massachusetts and Novi, Michigan, along with the conversion of its current operation in Worcester into a mechanical shredding operation.
To discover the Battery Resourcers battery recycling and material process, and to learn more about its funding plans, visit https://www.batteryresourcers.com/.
ABOUT BATTERY RESOURCERS
Based in Worcester, Mass., Battery Resourcers operates the world's most efficient lithium-ion battery recycling process. Unlike other battery recycling companies, Battery Resourcers offers a fundamentally new approach to lithium-ion battery manufacturing, starting with a mixed stream of used lithium-ion batteries or production scrap and ending with the production of finished, battery-ready cathode active materials. The company is also engineering a novel process for graphite recovery and purification, which will enable it to return both the cathode and anode active materials back to manufacturers of new batteries. Founded in 2015 with a mission of returning 100% of battery active materials back into new batteries, the company today makes EV-grade, finished cathode active materials that meet or exceed the performance requirements set by other industry-leading brands.
SOURCE Battery Resourcers
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