Battery recycling start-up Novocycle raises USD 1.1m in seed money

Battery recycling start-up Novocycle Technologies Corp has raised USD 1.1 million (EUR 1.04m) in seed funding, it said on Tuesday.

The funding round was led by Turkish automotive group Diniz Holding and SABIC Ventures, the venture capital arm of Saudi Arabian chemical manufacturing company Saudi Basic Industries Corporation (TADAWUL:2010), and saw contributions from venture capital firm APY Ventures.

Novocycle claims its lithium-ion battery recycling process, validated in lab-scale trials, results in high resource recovery and minimal waste. It says its mass-in mass-out efficiency is over 96%.

"Our process addresses the critical shortcomings of current recycling methods, notably the high material losses and the generation of mixed 'black mass'. Our solution offers a more economical and environmentally friendly alternative, drastically reducing the carbon footprint associated with battery recycling," said Taha Uluhan, co-founder and CEO of Novocycle.

Novocycle was founded in November 2021. It was incubated in Turkey, in Technology Development Zone Bilisim Vadisi, and it is now based in San Francisco, California.

(USD 1.0 = EUR 0.942)

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