Battery recycling startup Novocycle secures $1.1 million in funding

11.05.2023

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Battery recycling startup Novocycle secures $1.1 million in funding

Battery recycling company Novocycle secures $1.1 million in funding

According to a statement made on Tuesday by Novocycle Technologies Corp, the company has raised $1.1 million in funding. The round was led by Turkish automotive group Diniz Holding and SABIC Ventures, the venture capital arm of Saudi Basic Industries Corporation.

Novocycle claims that its lithium-ion battery recycling process, validated through laboratory-scale trials, results in high resource recovery and minimal waste.

California-based Turkish company Novocycle’s Co-founder and CEO Taha Uluhan stated:

“Our process addresses critical shortcomings of existing recycling methods, particularly high material losses and the formation of mixed ‘black mass.’ Our solution offers a more economical and environmentally friendly alternative by significantly reducing the carbon footprint associated with battery recycling.”

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