JieCheng Nico, a battery recycling company, bags over CNY 100 million(USD 14.87 million) from the Series A financing round, led by BOC&UTRUS Private Equity Fund Management.
Jiecheng Nico(Chinese:杰成新能源), a battery recycling company, completed its Series A financing worth over CNY 100 million(USD 14.87 million), led by BOC&UTRUS Private Equity Fund Management, followed by Everbright Limited, Longgang Financial Holding(Shenzhen), and Sunny Creative Capital, with Leap Capital as the exclusive financial advisor for this new round of financing. The fund will be mainly used for battery recycling technology research and development and capacity expansion, news portal lieyun.com reported.
Jiecheng Nico, founded in 2012, has focused on the decommissioned power batteries and lithium battery-related waste materials’ recycling, recycling, storage, processing and sales in new energy vehicles. It is headquartered in Greater Bay Area in China.
The popularization of new energy vehicles in recent years has quickened the recycling and scrapping of batteries supplying energy for cars. Furthermore, the supply tension caused by the rising price of upstream raw materials for lithium batteries has also made the recycling of used batteries a windfall.
Jicheng Nico has adopted advanced treatment and recycling technology to realize the "green" recycling treatment of retired batteries. It has established a storage and transfer center for waste lithium batteries in the Greater Bay Area, one recycling industry base in Huizhou and a comprehensive utilization industry base in Jiangmen, with an annual comprehensive processing capacity of 200,000 tons.
Jiecheng Nico's international competitors include Li-Cycle and Redwood Materials and domestic ones include GEM(Chinese:格林美), Brunp Recycling(Chinese:邦普循环) and GHTech(Chinese:光华科技).