Green Li-ion raises US$3.45m in seed funding; aims to reach US$1b in sales

BATTERY processor Green Li-ion has raised US$3.45 million in its seed funding round, led by cleantech special purpose acquisition company (SPAC) LiNiCo Corporation.

The tech startup was launched a year ago. This is its second round of funding, following a pre-seed funding of US$400,000 secured in August 2020.

Green Li-ion said the funds will be channelled into hardware developments, such as engineering and specialist manufacturing support.

The funds will also help the startup achieve its goal of attaining US$1 billion in sales by 2025, Green Li-ion said in a statement on Friday.

The company is in the business of lithium-ion processing, and has a patented multi-cathode processor that can "speed up current recycling processes by up to 10 times and improve profits by more than four times".

"With Green Li-ion, we are committed to introducing the next generation of battery rejuvenation and closing the loop," said Leon Farrant, its chief executive officer.

The startup added that it has developed an operational prototype for use in Singapore, with inked deals to pre-sell five machines in Singapore and the United States, and is exploring licensing opportunities to expand in other countries.