Battery Resourcers, a US-based provider of battery manufacturing and recycling services, completed a $20m series B round today led by chemical producer Orbia through corporate venturing unit Orbia Ventures.
Electronics manufacturer TDK, manufacturing equipment producer Trumpf, clean energy project developer Doral and carmaker Jaguar Land Rover also participated in the round, through TDK Ventures, Trumpf Venture, Doral Energy-Tech Ventures and InMotion Ventures respectively.
The round was filled out by deep tech-focused venture capital firm At One Ventures, and Battery Resourcers has not revealed details of any previous equity financing.
Founded in 2015, Battery Resourcers is the creator of a lithium-ion battery manufacturing process that utilises used batteries to produce nickel manganese cobalt-based cathode active materials ready for use in new batteries.
The company was spun out of Yan Wang’s laboratory at Worcester Polytechnic Institute and is working on a similar technique for graphite recovery and purification.
Orbia chief executive Sameer Bharadwaj said: “The recycling of critical battery components into cathode active material is a value leap in getting to sustainable and scalable production of lithium-ion batteries.
“By integrating refinement and materials engineering processes, we believe Battery Resourcers’ approach can stabilise the cathode supply chain in North America while accelerating the shift to a clean, circular future – a goal we are very much invested in at Orbia as we seek to generate innovative solutions that advance life around the world.”
