NEU Battery Materials Secures $7.6 Million to Scale LFP Recycling
With lithium iron phosphate batteries now powering over half of all electric vehicles, Singapore-based NEU Battery Materials has closed an oversubscribed $7.6 million funding round. The capital injection arrives as the company shifts from laboratory development to industrial-scale production at its newly commissioned 1,300-ton-per-year facility.
The funding round, co-led by Shift4Good and SGInnovate, includes contributions from Lotus Singapore Group, M7 Holdings, and existing backer Paragon Ventures I. These resources are earmarked to accelerate the production of battery-grade lithium derived from cathode scraps and end-of-life black mass. By utilizing a patented electrochemical redox targeting process, NEU aims to provide a sustainable alternative to conventional hydrometallurgical and pyrometallurgical methods, claiming an 83% reduction in emissions through a system powered primarily by electricity and water.
Bryan Oh, CEO of NEU Battery Materials, noted that the facility's commissioning serves as a critical milestone for the company’s international expansion. As the International Energy Agency reports that LFP chemistry accounts for more than 90% of global energy storage systems, the demand for localized, scalable recycling has intensified. The company intends to leverage this financial support to lower production costs and broaden its network of industrial partners, solidifying its position in the global battery value chain.
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