Mon. Aug 8th, 2022

New Battery Materials Raises S$800K in Seed Funding

Neu Battery Materials, a Singapore-based Deeptech startup, raised S$800K in Seed funding.

The round was led by Momentum Venture Capital and Se-cure Waste Management. This seed round also includes angel investments from two business angels in the energy storage and sustainability sectors, as well as earlier funding from the NUS Graduate Research Innovation Programme (GRIP).

The company intends to use the funds to build a pilot recycling plant in Singapore to recycle lithium from used lithium batteries.  

Co-founded by Bryan Oh (Bachelor of Business Administration, NUS Business School) and Kenneth Palmer (Bachelor of Engineering, NUS College of Design and Engineering), in mid-2021, Neu Battery Materials aims to produce clean and sustainable lithium, through its patented electrochemical technology, which enables battery recycling. The company is bringing to market a patented electrochemical redox flow recycling process that was originally invented by Associate Professor Wang Qing, Deputy Head, Department of Materials Science and Engineering, NUS College of Design and Engineering. Assoc Prof Wang is Co-Founder and Advisor to NEU Battery Materials.

FinSMEs

27/06/2022

SOURCE https://www.finsmes.com/2022/06/new-battery-materials-raises-s800k-in-seed-funding.html

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