NEU Battery Materials raises US$7.6 million for LFP battery recycling
Singapore-based NEU Battery Materials has closed a US$7.6 million funding round to scale its lithium iron phosphate (LFP) battery recycling operations and strengthen the lithium supply chain.
NEU Battery Materials, a Singaporean company specializing in lithium iron phosphate (LFP) battery recycling, has announced the closure of an oversubscribed funding round totaling US$7.6 million. The capital infusion is designated for scaling up its recycling operations and enhancing the resilience of the lithium supply chain.
The funding round was co-led by Shift4Good, a venture capital platform focused on decarbonization, and SGInnovate, a Singaporean government-backed deep tech investor. The investment follows the recent commissioning of NEU's 1,300-ton-per-year recycling facility in Singapore, marking a transition from technology development to industrial-scale production. Funds will support the ramp-up of producing battery-grade lithium from LFP feedstock, including production scrap and end-of-life battery materials.
This development coincides with a global surge in demand for LFP batteries, which are increasingly utilized in electric vehicles and energy storage systems. NEU Battery Materials employs a patented electrochemical recycling technology designed for efficient and cost-effective lithium recovery, reportedly achieving up to 83% lower emissions compared to conventional methods.
The company plans to utilize the new capital to increase production capacity, further reduce costs, and expand its international network of partners. NEU Battery Materials has reported meeting key research and development milestones ahead of schedule, providing a strong foundation for its commercial expansion.