Singapore-based Neu Battery Materials, which recycles lithium iron phosphate (LFP) batteries, has raised US$7.6 million in an oversubscribed funding round co-led by Shift4Good and SGInnovate.

The company recently commissioned a 1,300-ton-per-year plant in Singapore.

The funding will help Neu increase output of battery-grade lithium from cathode production scrap and end-of-life battery material, known as black mass, and support international expansion.

New investors included Lotus Singapore Group and M7 Holdings, alongside existing backer Paragon Ventures I.

Neu said its technology focuses on recovering lithium from LFP batteries, an area it said still faces economic hurdles and technical challenges.

The fundraising comes as Singapore’s battery recycling sector develops. TES opened in 2021 what it described as Southeast Asia’s first battery recycling facility in the city-state.

🔗 Source: Neu Battery Materials