NEU Battery Materials Secures $7.6 Million for LFP Battery Recycling Scale-Up
NEU Battery Materials has closed an oversubscribed funding round of US$7.6 million, co-led by Shift4Good and SGInnovate, to scale its lithium iron phosphate (LFP) battery recycling operations.
Singapore-based NEU Battery Materials announced it has closed an oversubscribed funding round totaling US$7.6 million. The round was co-led by venture capital firm Shift4Good and Singaporean government-backed investor SGInnovate.
The capital infusion follows the commissioning of NEU's 1,300-ton-per-year recycling facility in Singapore. Funds will be used to ramp up the production of battery-grade lithium from LFP feedstock, including manufacturing scrap and end-of-life batteries, and to support international expansion.
NEU Battery Materials utilizes a patented electrochemical process for LFP battery recycling, which the company states is scalable, cost-efficient, and environmentally advantageous compared to traditional methods like hydrometallurgy and pyrometallurgy. The process uses electricity and water, aiming for reduced waste and lower emissions.
The funding arrives amid a global surge in demand for LFP batteries, which are increasingly used in energy storage systems and electric vehicles. This trend highlights the growing importance of robust recycling solutions to enhance supply chain resilience and industrial sovereignty for critical materials like lithium.