Lithium-ion battery recycling and manufacturing startup raises $20 million from global industry leaders
, a vertically integrated lithium-ion battery recycling and manufacturing company, recently completed a $20 million Series B equity round.
The financing will support the development of a commercial-scale processing facility with the annual capacity to process 10,000 tons of batteries — or the batteries from approximately 20,000 electric vehicles (EVs) a year.
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 and ending with the production of finished, battery-ready cathode active materials. With 97 percent metal recovery, Battery Resourcers can produce Nickel Manganese Cobalt (NMC)-based cathode active materials with 35 percent reduction in cost, 32 percent reduction in emissions, and 13 percent reduction in energy consumption compared to the production of virgin cathode.
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.
"Battery Resourcers is on the verge of revolutionizing the lithium-ion battery supply chain," said Battery Resourcers CEO Mike O'Kronley. "Being able to convert scrap and end-of-life battery materials into finished, cathode active material that can be directly used in making new batteries drives increased profitability and stability for the lithium-ion battery ecosystem. Our investment partners share our vision and passion for scaling this revolutionary process to support the battery material supply chain."
O'Kronley said Battery Resourcers is also helping the EV industry address several complex environmental and regulatory issues. As lithium-ion batteries are discarded during manufacturing or reach their end of life, finding new ways to recycle and reuse materials will reduce reliance on mined metals, which pose significant environmental and social challenges. Additionally, millions of EVs will hit the road in the coming years and new regulations mandate recycling of spent batteries and use of recycled metals in new batteries.