Chinese Battery Recycling Firm Cyclewell Technologies Secures Over 100 Million Yuan in Series A Funding
Shanghai (Gasgoo)- Cyclewell Technologies, a leading lithium battery recycling solution provider based in China, announced on January 10 the successful completion of its Series A funding round, raising over 100 million yuan for the company. In addition to this funding, Cyclewell Technologies also secured a bank credit line of over 300 million yuan.
Photo credit: Glory Ventures
The Series A funding round was led by Glory Ventures and SV Investment.
The newly raised funds will be primarily allocated towards enhancing the company’s research and development capabilities and expediting the construction of its demonstration plant.
Established in December 2020, Cyclewell Technologies specializes in the research and development of intelligent equipment and technical solutions for power battery recycling. The company’s innovative technologies offer efficient processing cycles, high metal recovery rates, and cost-effective production methods. Notably, Cyclewell Technologies has developed a cutting-edge “lithium battery directional dissociation recycling equipment” that boasts advanced intelligence and automation, exceptional separation efficiency, and minimal energy consumption. Furthermore, their proprietary SPR (Short Process Restoration) technology enables the comprehensive regeneration of all elements within power batteries.
Recently, Cyclewell Technologies successfully completed the design, construction, and installation of the initial phase of a lithium battery recycling project for a prominent Fortune Global 500 company based in South Korea, marking a significant milestone towards industrial application. The company has also established a demonstration plant with an annual capacity of 30,000 tonnes for retired lithium iron phosphate power batteries, which is poised to commence operations soon. This facility is projected to reduce carbon emissions by 21,000 tonnes annually, thereby contributing to the sustainable growth of the global electric vehicle industry.
