The battery recycler is planning to develop a refinery for waste lithium-ion batteries in Sunderland to be operational by 2026. The company said that it will be the first end-to-end household Lithium-ion battery recycler in the UK.
The funding will go towards supporting the scale up of the production process and the expansion of the site.
Tom O’Neill, investment manager at Northstar Ventures, said: “We are extremely pleased to lead this round of investment in Lithium Salvage as the second deal from our Venture Sunderland Fund. The Fund looks to support high-potential businesses that are seeking to start up or grow in Sunderland.
“Lithium Salvage is tackling a major environmental issue, whilst establishing a pioneering household Lithium-ion battery materials recycling facility in the Sunderland city region that builds on its strengths in battery technology and electrification. We look forward to working with them to achieve this vision.”
To date, the recycling project has been supported by Innovate UK and collaborations with Teesside University, the Centre for Process Innovation, GAP Group, Pennine Energy and 6th Engineering.
Simon Robeson, chairman and founder of Lithium Salvage, said: “Today’s funding announcement is a further vote of confidence in our vision, our technical capabilities and our mission to create a scalable and ecologically sound supply chain for recycled Lithium-ion battery materials.”
Additional investment in the site came from Sixth Wave Ventures, NPIF II – Maven Equity Finance, which is managed by Maven as part of the Northern Powerhouse Investment Fund II (NPIF II). The fund is supported by the British Business Bank, Gaspara Asset Management and several UK-wide business angel investors.
Duncan Noble, CEO of Lithium Salvage, added: “Li-Sal’s proprietary process delivers a sustainable, market-leading solution to the escalating UK need to recycle waste Lithium-ion batteries without creating other waste streams or shipping these valuable metals abroad.”
Subscribe for free