Princeton NuEnergy
Overview
Princeton NuEnergy (PNE) is a clean-tech company specializing in lithium-ion battery recycling and material production. It was founded in 2019 as a spin-off from Princeton University, with its headquarters in Bordentown, New Jersey. The company was co-founded by Chao Yan, Bruce Koel, Xiaofang Yang, and Yiguang Ju. Among its notable financing events, PNE closed a $30 million Series A round in 2024, which included strategic investments from Samsung Venture Investment Corporation.
Recent Developments
- June 2024: PNE announced the establishment of a new lithium-ion battery recycling operation in Chester County, South Carolina. This $11 million investment is expected to create 41 new jobs. The new facility will utilize PNE's patented direct recycling technology to produce advanced blackmass and rejuvenated cathode active material. Operations are anticipated to start in the third quarter of 2024.
- June 2024: Princeton NuEnergy raised an additional $30 million in a Series A funding round, with contributors including Samsung Venture Investment Corporation and Helium-3 Ventures. The funds are earmarked for expanding PNE's recycling capabilities and supporting the construction of its first standalone advanced manufacturing facility.
- April 2023: PNE commenced its first pilot production line in McKinney, Texas, in partnership with Wistron GreenTech. This end-to-end lithium-ion battery direct recycling facility marks a significant step in scaling its innovative recycling processes.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2019 |
| Headquarters | Bordentown, New Jersey, USA |
| Founders | Chao Yan, Bruce Koel, Xiaofang Yang, Yiguang Ju |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Samsung Ventures, Honda Motor Co., Ltd., GS Futures, Shell Ventures, Traxys Group, Wistron Corporation |
| Industry | Clean-Tech, Recycling, Lithium-ion Battery Recycling |
| Number of Employees | 36 |
Early History
Princeton NuEnergy was founded in 2019 as a result of groundbreaking research at Princeton University, aiming to address the growing problem of lithium-ion battery waste. By leveraging a proprietary low-temperature plasma-assisted separation (LPAS) process, the company embarked on creating a more sustainable recycling practice for valuable battery materials. This technology was developed by a team of researchers, including Yiguang Ju and Bruce Koel, who sought to optimize the recycling of cathode materials from spent batteries.
Company Profile and Achievements
Princeton NuEnergy's business model revolves around revolutionizing the recycling of lithium-ion batteries by utilizing patented LPAS technology. This process significantly decreases the environmental footprint and cost associated with traditional battery recycling. Some of their significant achievements include:
- Recognition: Named one of "America's Top Greentech Companies 2024" by Time Magazine.
- Innovations: Developed proprietary Cathode-to-Cathode™ and Anode-to-Anode™ technologies that significantly boost material recovery rates.
- Strategic Partnerships: Collaborated with Wistron GreenTech and other stakeholders to enhance its recycling capabilities and reach broader markets.
Current Operations and Market Position
Princeton NuEnergy currently operates a pilot production line in Texas and is expanding its footprint through new facilities like the one in Chester County, South Carolina. The company is at the forefront of lithium-ion battery recycling technology, offering solutions that reduce energy, water, and CO2 outputs compared to conventional methods. By focusing on direct recycling methods, PNE helps mitigate global battery material supply constraints and supports sustainable practices in the growing electric vehicle market.
Conclusion
Princeton NuEnergy plays a critical role in advancing the sustainable recycling of lithium-ion batteries, which is increasingly important as electric vehicles and consumer electronics continue to surge. With its innovative technology and strategic partnerships, PNE stands positioned to significantly impact the battery recycling industry and contribute to a more circular economy. Looking ahead, PNE's continued expansion and technological advancements are likely to cement its status as a leader in clean-tech recycling solutions.