The Problem:With the rapid increase in electric vehicles, the demand for lithium batteries have been increasing exponentially. However, lithium supply have not bene able to keep up, leading to year of year shortage. In addition, less than 10% of current lithium batteries are being recycled.
The Solution:NEU uses its patented world’s first sustainable redox targeting battery recycling solution to offer a solution for recycling used batteries. NEU’s modular system allows for rapid scalability, and can recycle used batteries, such as lithium iron phosphate (LFP) batteries. NEU produces lithium which can then be sold back to various industries, such as battery manufacturing. NEU also produces hydrogen as a by-product.
The Differentiator:NEU uses a patented electrochemical process to recycle lithium batteries, which uses electricity to extract the lithium. With a redox process, the chemicals used are regenerative, allowing NEU to recycle new feedstock without the need to add more chemicals. Through this, the process is clean and sustainable. In addition, NEU has developed a modular system, which is able to scale to meet the incoming battery demands over the next few years.
Biggest Achievement:Funded by Temasek to set up a pilot plant.
No official customers yet, but in talks with several.
Grand Finalist in The Liveability Challenge in 2021.