NEU Battery Materials has secured $7.6 million in a funding round co-led by Shift4Good and SGInnovate. The company specializes in recycling lithium iron phosphate (LFP) batteries and intends to use the capital to scale its operations and expand internationally.
The startup recently commissioned a factory in Singapore with an annual capacity of 1,300 tons. The new funds will support the production of battery-grade lithium derived from cathode scrap and black mass, while also focusing on reducing overall production costs.
The company utilizes a proprietary electrochemical redox targeting process that relies on electricity, water, and regenerative chemicals. According to NEU, this method produces less waste and reduces emissions by up to 83% compared to traditional hydrometallurgy and pyrometallurgy.
LFP batteries currently represent over 90% of global energy storage systems and more than 55% of the electric vehicle battery market. NEU aims to strengthen supply chain resilience by scaling its modular recycling technology.
