Battery Recycling Firm Ruicycle Completes B Round of Financing
Ruicycle (also known as Hengchuang Ruineng), a battery recycling enterprise, completed a B round of financing of over 300 million yuan ($44.42 million) on August 1. Investors include Legend Capital, China Guangfa Bank, Hua Ventures, Hanhui Investment Management and other institutions.
Established in 2017, Ruicycle is an enterprise dedicated to the comprehensive utilization of retired power batteries. The company focuses on the core technologies including lithium battery cascade utilization, material regeneration and new material recycling to create the technologies of automatic safe battery crushing, zero-pollution battery treatment and high-yield recycling required to expand the scale of lithium batteries.
Recently, Zhang Yunming, Vice Minister of the Ministry of Industry and Information Technology, pointed out at the World EV & ES Battery Conference that China has already established an initial recycling system for power batteries, and will further improve the system and speed up the formulation of recycling management measures in the future.
SEE ALSO: China Establishes Initial Power Battery Recycling System
Chen Zhipeng, CEO of Ruicycle, said that the company has formed an energy recycling industry chain of lithium battery cascade utilization, material regeneration, and electrode material recycling. The main applications for the company’s cascade utilization include small distributed standby power supplies, storage and charging integration, standby power supplies, tool supply vehicles, low-speed vehicles, home energy storage and portable power supply units and others.
After harmless and automatic battery treatment, the recovered batteries are recycled through dry physical decomposition, wet smelting and other technical means to separate metal materials such as nickel, cobalt and lithium and reuse them in the battery industry chain.
The company has laid out nine core recycling regional outlets throughout the country to realize the large-scale recycling of waste power batteries and consumer batteries, covering battery manufacturers such as BYD, Sunwoda and SKI, and car companies such as GAC Motor, FAW and BAIC.
At the same time, the company has entered the supply chain of international enterprises such as Apple, and the recycled materials produced have been applied in the fields of new energy vehicles and consumer electronics on a large scale.
At present, the company has established cascade utilization and recycling industrial bases in Huizhou, Jiangmen and Ganzhou respectively, with an annual processing capacity of 50,000 tons. The recycling production line is expected to exceed 50,000 tons this year and reach 150,000 tons next year. The funds are mainly for improving the development of cascade utilization product series, building the recycling capacity of waste new energy lithium batteries and expanding the new wet recovery technology of lithium batteries.