- The financing will support the development of a commercial-scale processing facility with the annual capacity to process 10,000 tons of batteries
- The company is also engineering a novel process for graphite recovery and purification, which will enable it to return both the cathode and anode active materials back to manufacturers of new batteries
Battery Resourcers has recently completed a $20 million Series B equity round with financing led by Orbia Ventures, the venture capital arm of the multinational Orbia, and participation from other investors including At One Ventures, TDK Ventures, TRUMPF Venture, Doral Energy-Tech Ventures andJaguar Land Rover’s InMotion Ventures. The financing will support the development of a commercial-scale processing facility with the annual capacity to process 10,000 tons of batteries or the batteries from approximately 20,000 electric vehicles (EVs) a year.
it said, “Unlike other battery recycling companies, Battery Resourcers offers a fundamentally new approach to lithium-ion battery manufacturing, starting with a mixed stream of used lithium-ion batteries and ending with the production of finished, battery-ready cathode active materials. With 97 per cent metal recovery, Battery Resourcers can produce Nickel Manganese Cobalt (NMC)-based cathode active materials with 35% reduction in cost, 32 per cent reduction in emissions, and 13 per cent reduction in energy consumption compared to the production of virgin cathode.
The company is also engineering a novel process for graphite recovery and purification, which will enable it to return both the cathode and anode active materials back to manufacturers of new batteries.
Address several complex environmental and regulatory issues
Battery Resourcers CEO Mike O’Kronley said, “Battery Resourcers is on the verge of revolutionising the lithium-ion battery supply chain. Being able to convert scrap and end-of-life battery materials into finished, cathode active material that can be directly used in making new batteries drives increased profitability and stability for the lithium-ion battery ecosystem. Our investment partners share our vision and passion for scaling this revolutionary process to support the battery material supply chain.”
O’Kronley said Battery Resourcers is also helping the EV industry address several complex environmental and regulatory issues. As lithium-ion batteries are discarded during manufacturing or reach their end of life, finding new ways to recycle and reuse materials will reduce reliance on mined metals, which pose significant environmental and social challenges. He added that millions of EVs will hit the road in the coming years and new regulations mandate recycling of spent batteries and use of recycled metals in new batteries.
Sameer Bharadwaj, CEO of Orbia 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 stabilize 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.”