Qishin Tariq · · 2 min readNUS-backed battery firm raises $576k to build recycling plant
Deep-tech startup Neu Battery Materials has raised S$800,000 (US$576,000) in seed funding after completing the National University of Singapore’s (NUS) incubator program.
Neu Battery Materials co-founders Kenneth Palmer (left) and Bryan Oh / Photo credit: Neu Battery Materials
The latest round of funding was backed by battery recycler Se-cure Waste Management and Momentum Venture Capital, the VC unit of Singapore’s public transport company SMRT Corporation. Angel investors from the energy storage and sustainability sector also participated in the fundraise.
Neu also received funding from NUS as part of the university’s Graduate Research Innovation Program, which ran for three months.
The startup will use the new capital to build a pilot plant in Singapore to recycle lithium from used batteries. It will be able to process approximately 150 tonnes of lithium batteries a year, according to a statement.
The 150-square-meter plant will be located in the facility of partner and investor Se-Cure Waste Management.
Neu claims to be the first company to commercialize a sustainable recycling solution for “truly clean” lithium iron phosphate batteries, which are typically used by electric vehicles and energy storage systems.
The demand for these batteries will increase drastically as EVs become mainstream, said Bryan Oh Neu’s CEO and co-founder.
Currency converted from Singapore dollar to US dollar: US$1 = S$1.39
Editing by Miguel Cordon and Joy Tirkey
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