Battery recycling service provider Battery Resourcers, a Worcester Polytechnic Institute spinout, has closed its latest round at $70m.

Battery Resourcers, a US-based provider of battery manufacturing and recycling services spun out of Worcester Polytechnic Institute, has completed a $70m funding round featuring corporates Hitachi, Orbia, Jaguar Land Rover, Doral, TDK and Trumpf. Hitachi Ventures, Orbia Ventures, InMotion Ventures, Doral Energy-Tech Ventures, TDK Ventures and Trumpf Ventures, took part on behalf of conglomerate Hitachi, chemical producer Orbia, carmaker Jaguar Land Rover, renewable energy infrastructure developer Doral, electronics manufacturer TDK and industrial tool supplier Trumpf respectively. Venture capital firm At One Ventures also contributed to the round, and all the participants bar Hitachi had contributed to the spinout’s $20m series B round, which was led by Orbia Ventures in April this year. The details of its earlier rounds could not be ascertained. Battery Resourcers uses a recycling process that turns used lithium-ion batteries into cathode active materials ready to be made into new batteries. It was spun out of the laboratory of Yan Wang, professor of mechanical engineering, in 2015. It will use the new funding to enhance its material production technology and expand its commercial plants, which will be operational in the US and Europe by the end of 2022. Michael O’Kronley, CEO and director of Battery Resourcers, said: “With the influx of lithium-ion batteries hitting the market and increased demand for recycled content, the need for battery end of life solutions is more prevalent than ever. “This most recent funding round supports Battery Resourcers’ ongoing expansion in the US and extends it to Europe to reinforce our mission of closing the loop on the battery material supply chain.” – A version of this article first appeared on our sister site, Global Corporate Venturing.

Subscribe to go deeper

GCV subscribers get access to all our proprietary data and deep-dive articles, as well as the global directory of CVC investors.



Not sure if you have a subscription?
Thierry Heles

Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).