Kindrik Partners advised Singapore-based startup Green Li-ion on its recent USD20.5 million pre-B funding round. The round was led by TRIREC, followed by investors including Banpu NEXT and Equinor Ventures.

Green Li-ion was founded in 2020 by Leon Farrant and Reza Katal to develop technology capable of recycling lithium-ion batteries and is now a leading developer of battery recycling technology. The company has developed modular units capable of recycling spent batteries into cathode material that can be used in the production of new batteries. Each unit is able to process 4-6 metric tons of spent batteries per day, the equivalent of 20 EV batteries or 70,000 iPhones.

The funding will help the company scale its manufacturing capacity in order to deliver 50 modular units per year. The first commercial operation is slated to start production in the first half of 2023 in Oklahoma, USA.