Singapore Startup Raises $7.6M to Recycle EV Batteries

Every electric vehicle battery needs lithium, but mining it damages the environment and creates geopolitical headaches. Neu Battery Materials just raised $7.6 million to help solve that problem by recycling battery waste back into battery-grade materials.

The Singapore startup announced the oversubscribed funding round on October 13, led by Shift4Good and government-backed SGInnovate. The timing isn't random: they're launching their new recycling facility the same day.

The plant can process 1,300 tonnes of scrap materials from lithium-ion battery manufacturing every year. That's waste that would otherwise pile up in landfills as the world races to build more electric vehicles and renewable energy storage.

"Our vision is to build cleaner and more resilient lithium supply chains for the ongoing energy transition," said Bryan Oh, the company's co-founder and CEO. The funding will help scale up their modular technology for recycling lithium iron phosphate batteries, the kind increasingly used in EVs and grid storage.

The investment came from both new and returning supporters. Family offices Lotus Singapore Group and M7 Holdings joined for the first time, while SGInnovate, Shift4Good, and Paragon Ventures I doubled down after backing previous rounds.

The Ripple Effect

The bigger picture makes this funding particularly exciting. Global demand for lithium is expected to multiply as countries phase out gas-powered cars, but mining new lithium destroys ecosystems and uses massive amounts of water. Every tonne Neu Battery recycles is a tonne that doesn't need to be extracted from the earth.

The company plans to use the fresh capital to scale production, cut costs for customers, and expand internationally. They've already hit key technical milestones ahead of schedule, giving them a strong foundation for growth.

As electric vehicles become mainstream, the battery recycling industry could prevent a looming waste crisis while securing critical materials. Neu Battery is proving that going green doesn't require choosing between environmental protection and meeting surging demand.