Econili Battery New Energy secures $1.97 million funding round
Malaysia-based battery recycler Econili Battery New Energy has raised $1.97 million in a funding round led by Vynn Capital to boost production.
Econili Battery New Energy, a company specializing in lithium-ion battery recycling and black mass refining, has secured $1.97 million in an extension funding round led by Vynn Capital. This brings the firm's total funding to 8 million ringgit.
The capital is earmarked for working capital requirements, specifically to secure feedstock and increase throughput at the company’s plants in Ipoh, Perak. The facility currently maintains a processing capacity of 24,000 metric tonnes for battery treatment and 12,000 metric tonnes for critical mineral recovery.
Econili focuses on extracting lithium, nickel, and cobalt from end-of-life batteries and manufacturing scrap. The investment aligns with Malaysia’s broader policy push to grow its electric vehicle battery and e-waste recycling ecosystem as part of the nation’s circular economy initiatives.