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Classified in: Environment, Transportation, Science and technology, Business
Subjects: FNC, VEN, RCY

Li Industries Closes $42M in Series B Funding, Announces New Investors


PINEVILLE, N.C., June 27, 2024 /PRNewswire/ -- Li Industries announced the successful closing of its Series B funding round with an additional $6 million commitment from investors. The new investors include General Motors (GM) Ventures, DNX Ventures, and Tech Energy Ventures. This latest investment brings the total size of the Series B round to $42 million and increases Li Industries' total funding to date to over $50 million.

"We are excited to welcome GM Ventures, DNX Ventures, and Tech Energy Ventures as key investors in our mission to revolutionize battery recycling," said Zheng Li, CEO of Li Industries. "This additional funding will enable us to further scale our operations and develop synergistic partnerships."

"GM is taking a holistic approach to the transition to electric, which includes investing in the reuse and recycling of batteries," said Anirvan Coomer, president & managing director, GM Ventures. "Li Industries' mission aligns with our own and their technology shows promise. We look forward to continued progress of their technology and the potential for future collaborations."

GM Ventures' investment underscores the growing importance of sustainable practices in the automotive industry.

Li Industries plans to expand its 10,000 tonne recycling facility and further develop its cutting-edge recycling technologies. The company is dedicated to addressing the environmental challenges posed by end-of-life batteries and production waste, transforming them into valuable resources in a cleaner and more cost-effective manner.

For more information, please contact [email protected].

About Li Industries

Li Industries is an innovative and fast-growing climate tech company developing next-generation lithium-ion battery recycling technologies. Founded in 2017 and headquartered in Pineville, NC, Li Industries has developed scalable direct recycling technologies for lithium-ion batteries from electric vehicles and consumer electronics. Li Industries' unique and patented direct recycling process can recycle all types of lithium-ion batteries and generate high purity commercial-grade battery materials faster, cheaper, and cleaner, enabling effective and sustainable recycling. For more information, please visit: https://www.li-ind.com.

SOURCE Li Industries


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