Singapore – October 12, 2026 -- NEU Battery Materials has closed an oversubscribed US$7.6 million funding round to scale the recovery of battery-grade lithium from lithium iron phosphate (LFP) batteries, following the commissioning of its 1,300-ton-per-year Singapore factory.
Shift4Good and SGInnovate co-lead the round with new and existing backers
Shift4Good, a venture capital platform investing in the decarbonisation and resilience of transport and energy, and SGInnovate, a Singapore government-backed Deep Tech investor, co-led the financing. New investors Lotus Singapore Group and M7 Holdings joined, as did existing backer Paragon Ventures I.
The capital will fund the ramp-up of battery-grade lithium production from LFP feedstock, including cathode production scraps and end-of-life black mass. It will also fund international expansion.
LFP holds over 90% of energy storage and over 55% of EV batteries
According to the International Energy Agency, LFP accounts for over 90% of battery energy storage systems worldwide and over 55% of all EV batteries. NEU frames scalable recycling as a lever for industrial sovereignty and secure critical lithium supply.
Shift4Good Co-founder Sebastien Guillaud called LFP recycling "both a decarbonisation and an industrial sovereignty imperative."
Electrochemical process cuts emissions by up to 83% versus conventional recycling
NEU says it has developed the world's first patented electrochemical redox targeting technology built specifically for LFP batteries. The process runs on electricity and water and uses regenerative chemicals. NEU says it generates less waste than hydrometallurgy and pyrometallurgy, with emissions up to 83% lower.
CEO and Co-founder Bryan Oh said the funding will drive deployment of the company's modular recycling technology and lower costs for customers progressively.
NEU targets lower production costs and a wider partner network
With the new capital and the commissioned plant, NEU will focus on scaling production, further reducing production costs and expanding its partner network. The company says its R&D roadmap has delivered key technical milestones ahead of schedule.