Automotive Author：Mu Li Editor：Ziying Wu Dec 16, 2022 03:19 PM (GMT+8)

Keyking Recycling announced that it completed a B-round financing of hundreds of millions CNY. The investment will be used for the company's establishment of new product lines and R&D, to further upgrade products and expand Keyking Recyling's production capacity.

Power battery

Recently, Hunan Keyking Recycling Technology Co., Ltd. (Chinese: 金凯循环) (hereinafter referred to as Keyking Recycling) announced that it successfully raised hundreds of millions of CNY from its B-round financing, co-led by a strategic direct investment fund backed by SAIC (Chinese: 上汽集团), SAIC Capital (Chinese: 尚颀资本) and Hengxu Capital (Chinese: 恒旭资本).

Other investment agencies included Wanxiang A123 (Chinese: 万向一二三), Fortune Capital (Chinese: 达晨财智), Hunan Shengli Investment (Chinese: 盛力投资) and many more institutional investors. The funds raised will be primarily used for the company's establishment of new product lines and R&D, to further upgrade products and expand Keyking Recyling's production capacity.

Founded in 2016, Keyking Recycling was one of the first companies in China recycling lithium from used batteries. With a land area of 300 Mu, the company has main businesses including recycling of LFP batteries and LNCMO batteries, as well as production of battery-grade lithium carbonate out of Lithium-contained waste with a designed production capacity of 5,000 metric tons.