Battery Resourcers, a vertically integrated lithium-ion battery recycling and manufacturing company that recently opened a battery material production plant and testing facility in Novi, announced the closing of its latest mid-round funding totaling $70 million, with Hitachi Ventures in Munich, Germany, becoming the newest investor.
Existing investors that participated in the round include Orbia Venutres, Jaguar Land Rover’s InMotion Ventures, Doral Energy, At One Ventures, and Trumpf Ventures. The company will use the funding to advance and expand the industry’s most sustainable closed loop material production technology that accepts a mixed input of scrap batteries and end of life batteries to produce cathode materials.
The company also announced plans to expand commercial plants that will be operational in the U.S. and Europe by the end of 2022.
“With the influx of lithium-ion batteries hitting the market and increased demand for recycled content, the need for battery end of life solutions is more prevalent than ever,” says Michael O’Kronley, CEO and director of Battery Resourcers. “This most recent funding round supports Battery Resourcers’ ongoing expansion in the U.S. and extends it to Europe to reinforce our mission of closing the loop on the battery material supply chain.”
The company, headquartered in Worcester, Mass., opened another facility in Westborough, Mass., along with converting its Worcester operation into a mechanical shredding operation that converts spent batteries to the base materials for new batteries.
“Battery Resourcers develops key technologies for full battery circularity returning of active materials back into the supply chain in the most sustainable and responsible way. The investment supports our mission at Hitachi Ventures to solve environmental challenges and reduce carbon emissions,” says Tobias Jahn, partner at Hitachi Ventures.
Norihiro Suzuki, CTO at Hitachi adds: “Collaborating with Battery Resourcers contributes to Hitachi’s efforts towards the effective use of depleted resources and a low carbon society.”