Green Li-ion, a lithium-ion battery recycling technology company, has on Tuesday announced Twin Towers Ventures (TTV), the investment arm of PETRONAS Ventures, as its newest strategic partner.
Green Li-ion said in a statement that TTV joins other previous investors in Green Li-ion, including Singapore-based decarbonization venture capital firm TRIREC, global venture capital firm SOSV, and Equinor Ventures, the corporate venture capital arm of the Norwegian energy company, Equinor.
The strategic partnership marks TTV’s first investment in lithium battery recycling technology. It said the undisclosed amount invested through the partnership will help scale the manufacturing of Green Li-ion’s recycling units, containing their patented multi-cathode processor GLMC technology. The first working commercial operation is slated to start production in the fourth quarter of 2023 at a plant operated by Aleon in Oklahoma.
“We welcome TTV as a strategic partner. This partnership is a vote of confidence in our technology, and an opportunity for Green Li-ion to tap into TTV’s extensive network” said Leon Farrant, Chief Executive Officer and Co-Founder of Green Li-ion. “The electrification of the global economy requires commercially viable lithium-ion battery re-manufacturing operations. We remain committed to empowering any manufacturer producing batteries to take greater control of their critical mineral supplies,” he said.
Green Li-ion is a lithium-ion battery recycling technology provider producing modular hardware solutions that convert spent batteries into battery-grade cathode and anode material. Based in Houston, Singapore and Australia, the firm is building domestic, circular supply chains for critical minerals in North America and elsewhere, allowing manufacturers to add on-site battery recycling capabilities.
With global battery material supply chains under pressure, Green Li-ion allows its partners to extract these valuable commodities in a reliable, cost effective, and environmentally sound way.
The firm recently secured over $36 million in funding from major international investors such as Equinor Ventures, SOSV, EDP, Banpu NEXT, TES, ER-V, TRIREC, and others. Green Li-ion provides modular battery recycling units that manufacturers and recyclers can integrate into existing on-site processes. Once installed, they can process four to six metric tons of end-of-life batteries per day (up to 20 EV batteries or 70,000 iPhone batteries) to instantly produce precursor cathode active material (pCAM) at battery grade. The company is rapidly expanding its presence in Southeast Asia, Europe, and North America.
“As the world is heading towards decarbonization and electrification of the mobility space, the value chain would not be complete without addressing the needs to recycle the lithium-ion battery effectively and efficiently. We are very proud to partner with Green Li-ion on this front in creating a just and responsible decarbonized world.” said Fariz Ali, Managing Partner of TTV.
With offices in Kuala Lumpur and Singapore, TTV invests in technology companies in the energy transition and mobility space across the APAC, Australia and New Zealand, Middle East and North Africa (MENA) regions. Anchored by its commitment to delivering strategic and financial value for PETRONAS, the firm is steadfast in its pursuit of innovation and technologies that will reshape the energy and mobility landscape.
