Green Li-ion receives investment from Petronas to aid U.S. expansion
PETRONAS Ventures, through its investment arm Twin Towers Ventures, has invested in Green Li-ion, becoming a strategic partner.
The strategic partnership marks TTV's first investment in lithium battery recycling technology. The undisclosed amount invested through the partnership will help scale the manufacturing of Green Li-ion's recycling units, containing their multi-cathode processor GLMC technology. The first working commercial operation is slated to start production in Q4 of 2023 at a plant operated by Aleon in Oklahoma.
"We welcome TTV as a strategic partner. This partnership is a vote of confidence in our technology, and an opportunity for Green Li-ion to tap into TTV's' extensive investor network" said Leon Farrant, CEO and co-founder of Green Li-ion. "The electrification of the global economy requires commercially viable lithium-ion battery re-manufacturing operations. We remain committed to empowering any manufacturer producing batteries to take greater control of their critical mineral supplies."
Green Li-ion provides modular battery recycling units that manufacturers and recyclers can integrate into existing on-site processes. Once installed, they can process four to six metric tons of end-of-life batteries per day (up to 20 EV batteries or 70,000 iPhone batteries) to instantly produce precursor cathode active material (pCAM) at battery grade. The company is expanding its presence in Southeast Asia, Europe, and North America.
"As the world is heading towards decarbonization and electrification of the mobility space, the value chain would not be complete without addressing the needs to recycle the lithium-ion battery effectively and efficiently. We are very proud to partner with Green Li-ion on this front in creating a just and responsible decarbonized world," said Fariz Ali, managing partner of TTV.