Princeton NuEnergy Raises $7M in Seed Funding for Lithium-ion Battery Recycling
BORDENTOWN, N.J., May 11, 2022 /PRNewswire/ — Princeton NuEnergy, Inc. (“PNE”), an emerging growth company primarily engaged in the regeneration of lithium-ion battery (“LIB”) material, announced it successfully closed a seed funding round at $7M in Q4 2021. The round was led by Wistron Corporation (TPE: 3231), a Fortune Global 500 member and an industry leader in electronics recycling services. Other investors in the round include Shell Ventures (NYSE: SHEL), Greenland Technologies (NASDAQ: GTECH), CleanTech Open, AIBasis Fund, WorldQuant Ventures, and the angel round investors.
Dr. Yan Chao, CEO and Co-founder of PNE, announced, “We are beyond excited to have the support of our investors trusting our idea and backing our mission to revolutionize the lithium-ion battery recycling industry. The capital, knowledge and network our investors bring to PNE will enable a full-scale development of the company and accelerate our production line development.”
Princeton NuEnergy (“PNE”) is an innovative clean-tech startup company spun out from Princeton University in 2019 focused on the direct recycling of lithium-ion batteries from electric vehicles and consumer electronics. PNE’s mission is to deliver a cost-efficient, environmentally friendly lithium-ion battery recycling solution, solve the current industry pain point of high-operational cost battery recycling, and improve battery recycling efficiency and purity through its innovative recycling technology.
PNE’s state-of-the-art patented LPAS (low-temperature plasma-assisted separation) direct recycling process can recover up to 95% of all constituent materials found in all chemistries and formats of lithium-ion batteries. It can significantly reduce CO2 emission, energy consumption, and water usage, and not produce any landfill waste.
The founding team of PNE has rich experience in manufacturing operations, engineering, strategic planning, and business development. Founder and CEO, Dr. Yan Chao, is from Princeton University; Co-Founder and CTO, Dr. Yang Xiaofang, has a solid research background at Princeton University, Columbia University, and Brookhaven National Laboratory. Co-Founders and technical advisors Prof. Yiguang Ju and Prof. Bruce E. Koel are well-known researchers at Princeton University. In addition, the core team members have diverse experience in Fortune 500 companies, including Panasonic, KPMG, Goldman Sachs, and Accenture.
About Princeton NuEnergy
Headquartered in Bordentown, NJ, Princeton NuEnergy is an innovative clean-tech startup company spun out from Princeton University in 2019 with over 20 years of battery recycling research and development experience. PNE successfully revolutionizes the material supply chain with its patented Direct Battery Recycling technology to produce high-quality and high value-added cathode active materials with low operating cost from spent lithium-ion batteries and delivers sustainable energy and environmental solutions. The enormousness of the impending spent battery situation drives PNE to commercialize its cost-effective, environmentally sustainable technology to step into recycling the vast stockpile of lithium-ion batteries looming on the horizon. For more information, please visit https://www.pnecycle.com/.
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For more information, please contact:
Dr. Yan Chao, CEO
Email: [email protected]
SOURCE Princeton NuEnergy