Ruicycle Raises Over RMB 300 Million in Series B Funding
Battery recycling company Ruicycle has secured over RMB 300 million (approximately EUR 40 million) in a Series B funding round. The investment was led by Legend Capital.
Shenzhen Ruicycle Environmental Protection Technology Co., Ltd., also known as Hengchuang Ruineng, has successfully closed its Series B funding round, raising over RMB 300 million (approximately EUR 40 million). The investment was led by venture capital firm Legend Capital.
The funds from this round will primarily be used for research and development, particularly to enhance its tiered utilization product series. Additionally, the capital will support the construction of new capacity for recycling retired lithium batteries and expand its wet recycling technology for lithium batteries.
Founded in 2017, Ruicycle is a high-tech enterprise focused on the recycling and comprehensive utilization of electric vehicle batteries. The company aims to establish a closed-loop industrial ecosystem that includes automated crushing, pollution-free processing, and efficient material recovery. In 2020, Ruicycle received the necessary qualifications for both tiered utilization and recycling, reporting revenue exceeding RMB 1 billion in 2021 with a compounded annual growth rate of over 100%.
Legend Capital has a significant investment focus on the carbon-neutral sector, including battery recycling, recognizing its role in supporting national carbon reduction goals. Ruicycle operates industrial facilities in three locations across China, with an annual recycling capacity of 150,000 tons of retired batteries.