The round was co-led by Bosch Ventures, Khosla Ventures and LG Tech Ventures with Formosa Smart Energy Tech Corp., Anglo American Decarbonization Ventures and Chevron Technology Ventures coming in as new investors. They join existing investors, Shell Ventures and Myriad Ventures, to back Li Industries' mission of providing the most circular, cost-effective, and sustainable solution for lithium-ion battery materials, under the guidance of Nobel Laureate Dr. M. Stanley Whittingham. Given investors' interest, Li Industries plans to expand the round to $42M, which would bring its total private funding to more than $50M.

Li Industries is an innovative and fast-growing climate tech company developing next-generation lithium-ion battery recycling technologies. Founded in 2017 and headquartered in Pineville, NC, Li Industries has developed scalable direct recycling technologies for lithium-ion batteries from electric vehicles and consumer electronics. Li Industries' unique and patented direct recycling process can recycle all types of lithium-ion batteries and generate high purity commercial-grade battery materials faster, cheaper, and cleaner, enabling effective and sustainable recycling.