Singapore-based NEU Battery Materials has raised US$7.6 million in an oversubscribed funding round co-led by Shift4Good and SGInnovate to scale its lithium iron phosphate (LFP) battery recycling operations. The funding follows the commissioning of its 1,300-tonne-per-year Singapore plant and will support battery-grade lithium production and international expansion.
The capital will support the ramp-up of producing battery-grade lithium from LFP feedstock such as cathode production scraps and end of life black mass, and the company’s international expansion. The round saw participation from new investors including Lotus Singapore Group and M7 Holdings, as well as existing backers such as Paragon Ventures I.
The funding comes as demand for LFP batteries surges globally, where LFP accounts for over 90% of battery energy storage systems worldwide, and over 55% of all EV batteries, according to the International Energy Agency. As battery deployments and manufacturing continue to grow worldwide, scalable recycling solutions are becoming increasingly important to strengthen industrial sovereignty and secure critical lithium supply chains.
“Our vision is to build cleaner and more resilient lithium supply chains for the ongoing energy transition,” said Bryan Oh, Co-founder and CEO of NEU Battery Materials. “The commissioning of our Singapore plant is an important milestone in that journey. The funding will catalyse the scale-up and deployment of our modular LFP recycling technology, enabling us to expand the production of vital battery-grade lithium, and at progressively lower costs to our customers.”
NEU has developed the world’s first patented electrochemical redox targeting technology designed specifically to close the loop on LFP batteries, making lithium recovery scalable, cost-efficient and more sustainable. Its process is driven by electricity and water, and uses regenerative chemicals generating less waste and reducing environmental impact compared with conventional recycling methods such as hydrometallurgy and pyrometallurgy, with emissions up to 83% lower.
“LFP battery recycling is both a decarbonisation and an industrial sovereignty imperative,” said Sebastien Guillaud, Co-founder and Managing Partner at Shift4Good. “NEU has developed a differentiated solution to recover battery-grade lithium from LFP feedstock and is now entering a new phase of industrial scale-up, thereby helping build more resilient supply chains.”
“NEU plays a strategic role in the battery value chain, and we remain committed to supporting its growth,” said Hsien-Hui, Head of Investments at SGInnovate.
With the new capital and its newly commissioned plant, NEU Battery Materials will be focusing on scaling production, further reducing production costs, and expanding its network of partners. This next phase builds on an R&D roadmap that has delivered key technical milestones ahead of schedule, providing a strong foundation for the company’s international deployment and continued commercial growth.
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