Singapore operator ComfortDelGro has joined other investors in supporting startup NEU Battery Materials, a specialist lithium-ion battery recycling company, reports the Singapore Business Times. The start-up has succeeded in raising US$3.7 million in a seed funding round, which will be used to grow its business which uses electrochemical redox targeting technology, which requires just electricity, to recycle battery materials. The process also uses regenerative chemicals to avoid toxic waste and harsh acids, and the patented technique generates battery-grade lithium, which can then be supplied back to battery manufacturers.
NEU says it will use the funds to speed up the deployment of its automated recycling line, reducing the operational manpower needed. It also plans to form new partnerships with electric vehicle manufacturers and battery manufacturers to advance the adoption of its technology in the transport and mobility sectors.
To boost capabilities, NEU has also begun research into recycling other lithium battery chemistries, such as the cobalt-based batteries used in smart devices. Co-founded by Bryan Oh and Kenneth Palmer, the firm recently broke ground on a 150 square metre recycling plant in Singapore, which can process around 150 tonnes of lithium batteries per year.