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Princeton NuEnergy (PNE) has successfully closed a $30 million Series A funding round, significantly oversubscribed and featuring strategic investments from Samsung Venture Investment Corporation and Helium-3 Ventures. This funding round included previous investors like Honda Motor Co. Ltd., LKQ Corporation, SCG Group, Traxys Group, and Wistron Corporation. The funds will facilitate the construction of PNE’s first full-scale direct battery recycling facility.
Key Highlights
- Series A Funding Total: $30 million
- Strategic Investors: Samsung Venture Investment Corporation, Helium-3 Ventures
- Previous Investors: Honda Motor Co. Ltd., LKQ Corporation, SCG Group, Traxys Group, Wistron Corporation
- Total Funds Raised: Over $55 million
- Grants: $18 million from the U.S. Department of Energy
- Technology: Low-temperature, plasma-assisted separation process (LPAS™)
Funding Utilization
The $30 million raised will be pivotal in establishing PNE’s first standalone, full-scale direct battery recycling manufacturing facility, set to be announced later this month. This facility will enhance America’s circular economy by keeping materials within the country from consumption to recycling and remanufacturing.
Technological Innovation
PNE’s recycling process, initially developed at Princeton University, reduces environmental waste and carbon emissions by 70%. Their patented low-temperature, plasma-assisted separation process (LPAS™) is significantly more efficient, recovering up to 95% of materials in lithium-ion batteries and reducing energy consumption by 70% compared to traditional methods.
Strategic Importance
Dr. Chao Yan, PNE’s Co-Founder and CEO, stated, “The incredible interest in our Series A round, capped off by a strategic investment from Samsung Venture Investment Corporation and Helium-3 Ventures, speaks to the importance of supporting a circular economy for lithium battery manufacturing here in the U.S. This funding enables us to implement and demonstrate our capabilities at commercial scale, helping America meet the growing demand for high-performance batteries while also creating high-quality clean energy jobs.”
About Princeton NuEnergy
Princeton NuEnergy is an advanced manufacturing leader in lithium-ion battery direct recycling, furthering America’s circular battery economy. Founded out of Princeton University and recognized by Time Magazine as one of “America’s Top Greentech Companies 2024,” PNE is revolutionizing the critical materials supply chain with its patented direct recycling technology for lithium-ion batteries.
For more information, visit www.pnecycle.com.
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