Li Industries Announces the Closing of Series A Fundraising
Li Industries, an innovative and fast-growing climate tech company developing next-generation lithium-ion battery recycling technologies, announces today the closing of a Series A funding round of $7M.The round was led by Khosla Ventures, one of the most prominent deep-tech venture capital firms in Silicon Valley. Other investors participating in the round include Shell Ventures and Xerox Ventures.
Since its founding in 2017, Li Industries has focused on developing scalable direct recycling technologies for lithium-ion batteries. Li Industries' unique and patented direct recycling process can generate high purity recycled battery materials, which can be directly redeployed into new lithium-ion batteries. This innovative process is more environmentally friendly and improves the economic viability of lithium-ion battery recycling. Li Industries plans to build a commercial battery sorting and recycling facility in the US with plans to open in 2023.
"Our prestigious investors share our mission to revolutionize lithium-ion battery sustainability by developing and commercializing faster, cheaper, and cleaner battery recycling solutions," said Dr. Zheng Li, co-founder, and CEO of Li Industries. "We believe that with the support of our investors, we will be able to quickly bring our cutting-edge battery sorting and recycling technology and operation to full scale."
"A truly scalable, cost-effective battery recycling approach is critical to address the many supply chain and sustainability challenges faced by the EV industry today," commented Rajesh Swaminathan, Partner at Khosla Ventures. "We believe Li Industries' novel direct recycling approach provides what the battery industry needs to be sustainable long-term, and are excited to back Dr. Li and his team."
“We look forward to working with the Li Industries team to advance the circular economy with their innovative battery recycling technologies,” commented Phoebe Wang, Investment Director at Shell Ventures. “We believe that their technology is a game-changer in tackling the climate and economic challenges of lithium-ion battery recycling.”
“With rapidly growing battery production and electric vehicle demand, it’s vital that we seek out new technologies that enable circularity of critical resources,” said Tim Chiang, Investment Director at Xerox Ventures. “Xerox Ventures is proud to support Li Industries’ cutting edge technologies as well as the mission to revolutionize lithium-ion battery sustainability.”
Li Industries is a recent Phase III winner of the US Department of Energy Lithium-Ion Battery Recycling Prize.
Li Industries has a well-balanced founding team with rich experience in technology development, operations, business development, and financing from top research institutions (MIT and The Wharton School) and Fortune 500 companies (BAE Systems). Co-Founder and CEO Dr. Zheng Li has more than 16 years of experience developing and commercializing breakthrough battery design, manufacturing, and recycling technologies. The company is advised by2019 Nobel Prize Laureate, Professor M. Stanley Whittingham and former CEO ofCall2Recycle, Carl Smith.
For more information, please contact through email@example.com.
About Li Industries
Headquartered in Blacksburg, VA, Li Industries, is an innovative and fast-growing climate tech company developing next-generation lithium-ion battery recycling technologies. Li Industries was founded in 2017 and 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 of even low-cobalt or cobalt-free lithium-ion batteries. For more information, please visit: https://www.li-ind.com.