Funding and M&A Roundup: Li-Cycle Secures $75 Million Strategic Investment

Battery materials recycler LOHUM secures $54 million in Series B funding

March 20, 2024


From: Mercom Capital Group

Li-Cycle, a lithium-ion battery recycling company, entered into an agreement to issue a senior secured convertible note in an aggregate principal amount of $75 million from an affiliate of Glencore, a producer, recycler, and marketer of nickel and cobalt for the production of lithium-ion batteries. The funding secured from Glencore’s affiliate is expected to strengthen the company’s position and bolster its strategic partnership with Glencore.

India-based battery materials producer LOHUM has raised ₹4.5 billion (~$54 million) in a series B funding from Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East, amongst other new and existing venture firms. The company will channel these funds to expand its market and scale up its battery materials recycling operations across India. The company will also expand to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia.

Florida-based Sunergy Renewables, a residential solar and storage firm, announced it will begin trading on the Nasdaq Stock Exchange after merging with ESGEN Acquisition Corp, a special purpose acquisition company. The merged company, now called Zeo Energy Corp, will trade its shares and warrants under the ticker “ZEO” and “ZEOWW” and will be led by Sunergy’s senior management. The deal values the combined company at an implied $475 million enterprise value. The transaction raised approximately $18 million to fund its operations and growth strategy.

Pure Lithium, a Boston-based lithium metal battery technology company, has recently secured $15 million in Series A funding from Oxy Low Carbon Ventures, an Occidental (Oxy) subsidiary dedicated to advancing innovative, low-carbon technologies and business solutions.  The funding will be used to accelerate the development and commercialization of Pure Lithium’s technology. The company also plans to tap into the electrochemical processing expertise that Oxy’s chemical business provides.

M4E Lithium, a lithium exploration company, has secured a $7.5 million to $10 million funding deal with Lithium Royalty Corp and the Electrification and Decarbonization fund managed by Waratah Capital Advisors. The funding is expected to propel exploration efforts across M4E’s extensive 91k hectares of mining rights in Brazil’s Lithium Valley and Borborema regions. The financing package includes an equity investment, a royalty purchase, and an option for a strategic offtake agreement (with a buyback option).

Carbon emissions management platform Sprih recently raised $3 million in a seed funding round led by Leo Capital. The funds will be used to fuel the company’s sales and marketing activities and expansion. The company, which has created an artificial intelligence platform designed to assist companies in streamlining their sustainability goals, will use the funds to expand its presence in the U.S., Europe, and other key global markets, as well as its existing customer base in India.

For reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors, click here.

Read last week’s funding roundup.