Innovative clean-tech company is poised to revolutionize
lithium-ion battery recycling with low-temperature
plasma-assisted separation process (LPAS™)
BORDENTOWN, N.J., Nov. 6, 2023
/PRNewswire/ -- Princeton NuEnergy ("PNE"), a clean- tech
innovator specializing in recycling, repurposing, and
commercializing lithium-ion battery materials, is pleased to
announce the initial closing of its Series A funding round, raising
$16 million. The round was led by
Wistron Corporation (TPE: 3231), a Fortune Global 500 member and
industry leader in electronics recycling services. Additionally,
new institutional investors participated in this round, including
Honda Motor Co., Ltd. (NYSE: HMC), GS Futures, and Traxys North
America, joining previous investors Greenland Technologies, Shell
Ventures, and WorldQuant Ventures, among others. PNE will use the
proceeds for new recycling facility construction and equipment
procurement to further increase processing capacity and support
company operations.
"This Series A funding round represents a
major step towards realizing our vision of a cleaner, greener
future..."
PNE's flagship innovation is a low-temperature plasma-assisted
separation process (LPAS™), a patented technology that
significantly reduces costs, environmental waste, and carbon
emissions commonly associated with lithium-ion battery recycling.
PNE's approach enables higher critical material recovery rates and
superior material performance compared with traditional recycling
methodologies.
"As the world navigates the challenges of sustainable energy and
responsible technology disposal, PNE remains dedicated to driving
innovative solutions that have a positive impact," stated PNE
Founder and CEO, Dr. Chao Yan. "This
Series A funding round represents a major step towards realizing
our vision of a cleaner, greener future through cutting-edge
lithium-ion battery recycling technology. We are grateful for the
support from our investors and partners and look forward to
building upon the solid foundation we have built to date."
In addition to the $16 million
Series A and previous seed rounds totaling $7 million, PNE has been awarded multiple
research grants for battery recycling from the U.S. Department of
Energy, most recently for $12 million
and $4.375 million. The Series A
funding will fortify PNE's commitments to reducing the nation's
reliance on foreign critical materials, expanding domestic
manufacturing capabilities, and enhancing the creation of
high-quality clean energy jobs in the U.S.
From our lead Investors:
Wistron Corporation
"Wistron is pleased to be a significant investor in and partner
with PNE. Closing this round marks another milestone in
advancing PNE's technology, establishing a foundation for the
lithium-ion battery circular supply chain, and addressing the
global need for electrification to help combat climate change. We
are particularly proud to be PNE's partner in our joint pilot
production facility in McKinney,
TX and are excited for PNE's future prospects."
- Peter Tung,
President of Service and Recycling Business Group, Wistron
Corporation.
Honda Motor Co.,Ltd.
"Princeton NuEnergy has an innovative concept and technologies
for lithium-ion battery recycling, and Honda has high expectations
for their future potential. The plasma-based direct recycling
technology will enable the sustainability of the EV battery supply
chain and, as Honda strives to achieve 100% use of sustainable
materials by 2050, we envision that this technology has a great
potential. Honda will continue to search for, collaborate with and
invest in various venture companies with a promising future through
our global open innovation program – Honda Xcelerator
Ventures*."
*Honda Xcelerator Ventures is an open innovation program
promoting collaboration between startups and Honda. Honda
Innovations Co., Ltd.,, a subsidiary of Honda Motor Co., Ltd., has
been the main driving force behind this global
program.
- Manabu Ozawa,
Managing Executive Officer of Honda Motor Co., Ltd.
About Princeton NuEnergy
Princeton NuEnergy (PNE), a U.S.-based, innovative
clean-tech company founded out of Princeton University, is
quickly revolutionizing the critical materials supply chain with
its patented direct recycling technology for lithium-ion batteries.
PNE's patented low-temperature plasma-assisted separation process
(LPAS™) produces battery-grade cathode and anode materials suitable
for direct reintroduction into cell manufacturing. This direct
recycling process delivers recycling efficiency rates of over 95%
and exceptional ESG performance at half the cost and with a much
lower environmental footprint compared to conventional methods. In
2022 PNE launched the first end-to-end production-scale lithium-ion
battery direct recycling line in the
U.S.http://www.pnecycle.com/
About Wistron Corporation
Wistron Corporation (TPE:3231) is a Fortune Global 500 company
and a Technology Service Provider supplying ICT (information and
communication technology) products, services, and systems to our
global customers. Wistron is devoted to increasing the value of its
services through developing innovative solutions in the areas of
green recycling, cloud, and display vertical integration. Our
extensive technology services include 5G, AI, Metaverse related
applications, Electric and Autonomous Vehicles, as well as Industry
4.0. For more information, please visit: www.wistron.com.
About Honda Motor Co., Ltd.
Honda Motor Co., Ltd. (NYSE: HMC) is responsible for the
development, production and sales of automobiles, motorcycles,
power products and aviation products worldwide. Honda now delivers
over 30 million products annually through its three product lines.
Honda and its partners build products in more than 60 manufacturing
plants in 27 countries, employing about 220,000 associates
globally. On a global basis by 2050, Honda is striving to achieve
carbon neutrality for all products and corporate activities, as
well as zero traffic collision fatalities involving Honda
automobiles and motorcycles.
For media inquiries, please contact:
Arsalan Khan
arsalan_khan@pnecycle.com
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SOURCE Princeton NuEnergy