Shanghai (Gasgoo)- On January 10, Ganzhou Cyclewell Technology Co., Ltd. (Cyclewell Technologies), a Chinese lithium battery recycling solution provider, announced the completion of its Series A funding, which raised for the company over 100 million yuan. In addition, the company secured a bank credit line of over 300 million yuan.
The fresh round was led by Glory Ventures and SV Investment.
The funds will be primarily used to strengthen the company's R&D capabilities and accelerate the construction of the demonstration plant.
Founded in December 2020, Cyclewell Technologies focuses on the R&D and manufacturing of intelligent equipment and the development of technical solutions for power battery recycling. Its proprietary technologies offer short processing cycles, high metal recovery rates, and reduced production costs. The company developed a "lithium battery directional dissociation recycling equipment" that features high intelligence and automation, superior separation efficiency, and low energy consumption. Additionally, its in-house developed SPR (Short Process Restoration) technology enables comprehensive regeneration of all elements within power batteries.
Cyclewell Technologies recently completed the design, construction, and installation of the first phase of a lithium battery recycling project for a Fortune Global 500 company in South Korea, marking a significant step toward industrial application. The company has built a demonstration plant with an annual capacity of 30,000 tonnes for retired lithium iron phosphate power batteries, which is set to be put into operation shortly. This facility is expected to reduce carbon emissions by 21,000 tonnes per year, contributing to the sustainable development of the global electric vehicle industry.
