Singapore's NEU Battery Materials Raises $3.7M in Funding

NEU Battery Materials, a lithium-ion battery recycling startup based in Singapore, has secured $3.7 million in seed funding. The round was led by SGInnovate, with participation from ComfortDelGro Ventures, Shift4Good, Paragon Ventures I, and angel investors. The company plans to utilize the funds to accelerate the deployment of its automated recycling line, which will reduce operational manpower requirements.

NEU Battery Materials specializes in sustainable lithium battery recycling using its patented electrochemical technology. The company's innovative process minimizes waste and avoids the use of toxic chemicals, making it a clean and eco-friendly solution. Additionally, the company is expanding its research into recycling other lithium battery chemistries, including cobalt-based batteries commonly used in smart devices and electric vehicles.