PNE, a New Jersey-based specialist in lithium-ion battery direct recycling, announced the close a Series A funding round with a strategic investment from Samsung Venture Investment Corp.
PNE is now commercializing its lithium-ion battery recycling process that the company reports recovers up to 95% of materials found in all lithium-ion battery chemistries.
To advance lithium battery recycling, PNE has received over $55 million in grants, strategic and venture funding including investments from Honda Motor, LKQ Corp., Samsung Venture, Shell Venture, Traxys Group, Wistron Corp., and the US Department of Energy.
Investor demand for this 50% oversubscribed round brought PNE’s Series A total to $30 million. Samsung Venture and Helium-3 join the round’s previous investors. The funds will support construction of PNE’s first standalone, full-scale direct battery recycling advanced manufacturing facility.
