Li Industries

Li Industries Closes $42M in Series B Funding, Announces New Investors PINEVILLE, N.C., June 26, 2024 - Li Industries announced the successful closing of its Series B funding round with an additional $6 million commitment from investors. The new investors include General Motors (GM) Ventures, DNX Ventures, and Tech Energy Ventures. This latest investment brings the total size of the Series B round to $42 million and increases Li Industries' total funding to date to over $50 million. "We are excited to welcome GM Ventures, DNX Ventures, and Tech Energy Ventures as key investors in our mission to revolutionize battery recycling," said Zheng Li, CEO of Li Industries. "This additional funding will enable us to further scale our operations and develop synergistic partnerships." “GM is taking a holistic approach to the transition to electric, which includes investing in the reuse and recycling of batteries,” said Anirvan Coomer, Managing Director of GM Ventures. “Li Industries’ mission aligns with our own and their technology shows promise. We look forward to continued progress of their technology and the potential for future collaborations.” GM Ventures' investment underscores the growing importance of sustainable practices in the automotive industry. Li Industries plans to expand its 10,000 tonne recycling facility and further develop its cutting-edge recycling technologies. The company is dedicated to addressing the environmental challenges posed by end-of-life batteries and production waste, transforming them into valuable resources in a cleaner and more cost-effective manner. For more information, please contact info@li-ind.com. About Li Industries Li Industries is an innovative and fast-growing climate tech company developing next-generation lithium-ion battery recycling technologies. Founded in 2017 and headquartered in Pineville, NC, Li Industries has developed scalable direct recycling technologies for lithium-ion batteries from electric vehicles and consumer electronics. Li Industries' unique and patented direct recycling process can recycle all types of lithium-ion batteries and generate high purity commercial-grade battery materials faster, cheaper, and cleaner, enabling effective and sustainable recycling. For more information, please visit: https://www.li-ind.com.

Li Industries Raises Series B Funding to Expand Next-Generation Battery Recycling Technology   PINEVILLE, NC – May 9, 2024 - Li Industries announced today the successful raise of a $36M Series B funding round to scale up its next-generation lithium-ion battery recycling technologies. The round was co-led by Bosch Ventures, Khosla Ventures and LG Technology Ventures with Formosa Smart Energy Tech Corp., Anglo American Decarbonization Ventures and Chevron Technology Ventures coming in as new investors. They join existing investors, Shell Ventures and Myriad Venture Partners, to back Li Industries' mission of providing the most circular, cost-effective, and sustainable solution for lithium-ion battery materials, under the guidance of Nobel Laureate Dr. Stan Whittingham. Given investors’ interest, Li Industries plans to expand the round to $42M, which would bring its total private funding to more than $50M.   This new round of funding solidifies Li Industries’ growth trajectory to meet its partners’ growing needs for battery recycling services and battery materials. The capital raised will be used to construct a 10,000 ton recycling facility powered by Li Industries’ proprietary Direct Electrode-to-Electrode (Direct E2E™) recycling technology.   This expansion builds on the company's Series A funding, which enabled the development of a 500-ton battery recycling facility in Pineville, NC, and a 1,000-ton battery sorting facility in Charlotte, NC.   “We are thrilled to be backed by such a strong group of investors,” said Dr. Zheng Li, co-founder and CEO of Li Industries. "Our investors bring invaluable resources, experience, and commercial partnerships that are essential for us to successfully scale and commercialize our Direct E2E™ technology."   Ingo Ramesohl, Managing Director at Bosch Ventures, commented on the investment: "Li Industries is poised to tackle significant challenges in the Li-ion battery's circular supply chain with innovative, scalable solutions. They are the first and only company in the US capable of economically and sustainably recycling low/no cobalt batteries, such as Lithium Iron Phosphate (LFPs), at scale using their unique Direct E2E™ recycling technology."   Anshul Agarwal, Managing Director of LG Technology Ventures, said: "Our investment signifies the beginning of a robust partnership with Li Industries aimed at developing a truly sustainable and efficient supply chain for lithium-ion battery manufacturing." “We invested in Li Industries early on and have watched them hit their technical and commercial milestones through the years,” said Rajesh Swaminathan, Partner at Khosla Ventures. "Their ability to scale and commercialize their technology lays a solid foundation for further growth, and we are excited to continue supporting their journey." For more information, please contact info@li-ind.com.