Singapore-based battery recycling startup NEU Battery Materials has closed an oversubscribed US$7.6 million funding round co-led by Shift4Good and SGInnovate.
The financing included participation from new investors Lotus Singapore Group and M7 Holdings, alongside existing investor Paragon Ventures I. The capital will support the company’s lithium recovery operations and international expansion.
Co-founded by Bryan Oh, CEO, and Kenneth Palmer, CTO, NEU Battery Materials develops electrochemical recycling technology for lithium iron phosphate (LFP) batteries. Its patented redox-targeting process is designed to recover battery-grade lithium from battery manufacturing waste and end-of-life battery materials.
The technology uses electricity, water and regenerative chemicals to recover lithium for reuse in battery production. NEU serves battery manufacturers, electric mobility companies and recycling businesses seeking to recover materials from LFP batteries.
The funding announcement coincided with the opening of NEU’s 12,000-square-foot recycling facility in Tuas, Singapore, on October 13, 2026. The plant has an annual processing capacity of 1,300 tonnes of battery materials.
NEU plans to use the new investment to increase production of battery-grade lithium from cathode manufacturing scrap and black mass recovered from used batteries. The company also intends to reduce production costs, develop commercial partnerships and expand into international markets.
Previously, NEU Battery Materials raised US$3.7 million in a seed funding round announced in July 2023. That round was led by SGInnovate, with participation from ComfortDelGro Ventures, Shift4Good, Paragon Ventures I and angel investors.
