Hengchuang Ruineng, a battery recycler, closed a Series B financing round worth CNY 300 million(USD 44.4 million). Several institutions joined this investment.
Hengchuang Ruineng, a battery recycling company, completed a Series B financing round worth CNY 300 million(USD 44.4 million), invested by Legend Capital, Hua Ventures, Hanhui Capital and other institutions, news portal lieyun.com reported.
According to Chen Zhipeng, CEO of Hengchuang Ruineng, this round of financing will be mainly used to develop the series of gradual utilization products, the construction of new energy retired lithium battery recycling capacity and the expansion of new lithium wet recycling technology.
Founded in 2017, Hengchuang Ruineng is a high-tech enterprise deeply engaged in the field of recycling and comprehensive utilization of retired power batteries. It has created a green and environmental protection energy cycle industry chain of lithium battery step utilization, material regeneration and electrode material recycling after years of efforts.
Besides, Hengchuang Ruineng is the first company around the world to invest in the intelligent management of temperature-sensitive cameras in the field of decommissioned battery storage. Cooperating with Milky Way, a leading domestic hazardous chemical logistics company, it is committed to building an ESG (Environmental, Social and Governance) recycling system.
With the increased environmental pressure and hot demand for new energy vehicles, lithium material recycling has become a major industry trend. According to the power battery life cycle of 5-8 years, the current domestic power lithium battery has ushered in the first round of retirement peak.
Hengchuang Ruineng has entered the supply chain of international companies such as Apple, and its recycled materials have been applied on a large scale in the field of new energy vehicles and consumer electronics. Its international competitors include Redwood Materials and Li-Cycle and domestic ones include Gotion High-tech (Chinese:国轩高科), CATL (Chinese:宁德时代) and GEM(Chinese:格林美).