Princeton NuEnergy (PNE), a pioneer in clean-tech focused on lithium-ion battery recycling, has successfully raised $10.3 million in a recent equity financing round.
This investment, led by SCGC, Tech Council Ventures, and a subsidiary of LKQ Corporation, boosts PNE’s total Series A funding to $26.4 million over the last six months. PNE’s breakthrough innovation, the low-temperature plasma-assisted separation process (LPAS™), is a patented technology that lowers recycling costs, environmental waste, and carbon emissions. This method achieves higher recovery rates and superior material performance compared to conventional recycling techniques.
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CEO and Co-Founder Dr. Chao Yan expressed deep appreciation for the investors’ support, emphasizing that PNE’s Cathode-to-Cathode™️ technology is transforming critical material reclamation by reducing costs and enhancing sustainability. The new funding will be used to establish an Advanced Black Mass and Cathode Manufacturing Center in the southeastern U.S. ‘battery belt’.
This latest Series A funding, combined with a previous Seed Round of $7 million and $18 million in U.S. Department of Energy grants, underscores PNE’s dedication to strengthening the U.S. critical material supply chain. The company is committed to bolstering domestic manufacturing and creating high-quality clean energy jobs, thus decreasing reliance on foreign sources of critical materials.
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