Princeton, NJ-based Princeton NuEnergy (PNE) has closed a $30 million in oversubscribed Series A funding round led by Samsung Venture Investment Corporation and Helium-3 Ventures, along with Honda, LKQ Corporation, SCG, Traxys Group, and Wistron.
These funds will help in the construction of PNE’s first standalone, fully scaled direct advanced manufacturing facility for battery recycling, whose location will be announced later this month.
Read also – CA-based GrubMarket Acquires Parsemony
“The incredible interest in our Series A round, capped off by a strategic investment from Samsung Venture Investment Corporation and Helium-3 Ventures, speaks to the importance of supporting a circular economy for lithium battery manufacturing here in the U.S.,” said Dr. Chao Yan, PNE’s Co-Founder and CEO. “This funding enables us to implement and demonstrate our capabilities at commercial scale, helping America meet the growing demand for high-performance batteries while also creating high-quality clean energy jobs.”
About Princeton NuEnergy
Founded in 2019, Princeton NuEnergy Inc. (PNE) is an innovative U.S.-based clean-tech company, and reaching commercial production in 2023. PNE is revolutionizing the material supply chain with our patented low-cost process for producing high-quality cathode active materials from spent lithium-ion batteries. It recycle lithium-ion batteries from electric vehicles, consumer electronics, energy storage batteries, and manufacturing scrap.
