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HomeFunding Princeton NuEnergy Secures $30 Mn Oversubscribed Series A Funding

[Funding News] Princeton NuEnergy Secures $30 Mn Oversubscribed Series A Funding

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.

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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.

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“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.

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