Foley & Lardner LLP represented LG Technology Ventures as a lead investor in the $36 million Series B funding round for Li Industries. The round was co-led by Bosch Ventures and Khosla Ventures, with Formosa Smart Energy Tech Corp., Anglo American Decarbonization Ventures, and Chevron Technology Ventures coming in as new investors.
Li Industries is a climate tech company developing next-generation lithium-ion battery recycling technologies. They have developed scalable direct recycling technologies for lithium-ion batteries from electric vehicles and consumer electronics. Li Industries’ unique and patented direct recycling process can recycle all types of lithium-ion batteries and generate high purity commercial-grade battery materials faster, cheaper, and cleaner, enabling effective and sustainable recycling.
The funding will be used to scale up their next-generation lithium-ion battery recycling technologies, as well as to construct a 10,000 ton recycling facility powered by Li Industries’ proprietary Direct Electrode-to-Electrode (Direct E2ETM) recycling technology.
LG Technology Ventures invests in early-stage start-ups in artificial intelligence, mobility, advanced materials, life-sciences, next generation display, mobile, and 5G. They strive to create value to our portfolio companies by helping them develop strategic partnerships with various LG Companies.
The Foley team was led by partner Louis Lehot and included associates Ashley Lee and Wesley Choi.