Battery Resourcers Raises $70M in Series B Funding
Battery Resourcers, a Worcester, MA-based lithium-ion battery recycler and manufacturer, raised $70M in Series B funding.
Orbia Ventures and Koura, Orbia’s business focused on the development, manufacture and supply of fluoroproducts and technologies, initiated this funding round later joined by Hitachi Ventures, InMotion Ventures (JLR), Doral Energy, At One Ventures, TDK Ventures and Trumpf Ventures.
Founded in 2015 and led by Said Mike O’Kronley, CEO, Battery Resourcers is a vertically integrated recycling, refining and materials engineering company that turns spent batteries and production scrap directly into new, battery-ready cathode active material with significant reductions in costs, emissions and energy consumption.
Orbia, a global leader in specialty products and innovative solutions spanning the precision agriculture, data communications, building and infrastructure, fluorinated solutions and polymer solutions verticals, first announced its Series B investment in Battery Resourcers in April 2021 through its Orbia Ventures arm.
Koura, Orbia’s business focused on the development, manufacture and supply of fluoroproducts and technologies, is engaged in several initiatives with Battery Resourcers to develop and deploy technologies to recycle battery materials and enable gains in efficiency and sustainability. Koura is executing on a comprehensive energy materials strategy with an emphasis on electrolyte salts, binders and high-performance electrolyte additives and solvents from its new Koflyte line. In addition, Koura is working with Battery Resourcers to integrate recycled materials into the battery supply chains in North America and Europe and is supporting the company’s commercialization efforts in those markets.