Lithium-ion battery recycling and manufacturing company Battery Resourcers announced the closing of its latest mid-round funding of $70 million.
The company said it plans to use the funds to advance its closed-loop material production technology that accepts a mixed input of scrap batteries and end-of-life batteries to produce cathode material.
Battery Resourcers also said it plans to expand commercial plants that will be operational in the U.S. and Europe by the end of 2022.
The Massachusetts-based company also recently announced two facilities in Westborough, Massachusetts, and Novi Michigan, along with the conversion of its current Worcester operation into a mechanical shredding facility.
Hitachi Ventures became the newest investor in the company, joining Orbia Ventures, Jaguar Land Rover, Doral Energy, At One Ventures, TDK Ventures, and Trumpf Ventures.
Global demand for electric vehicle batteries and energy storage at the residential, commercial, and utility levels is placing increasing importance on lithium, an active component in batteries.
Earlier this year, the U.S. Department of Energy (DOE) announced $200 million in funding to support EV development and the battery supply chain. The DOE’s blueprint for 2030 is the establishment of a secure battery materials and technology supply chain that supports long-term U.S. economic competitiveness.
With China currently having over 80% of global lithium refining capacity, recycling is viewed as a key to the U.S. quest for supply chain relevancy.
As with solar panels, aging and decommissioned batteries present an opportunity for a circular economy, something that Battery Resources said it aims to establish.
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