Vertically integrated lithium ion battery recycling and manufacturing company Battery Resourcers, based in Worcester, announced on Tuesday it has raised $70 million at the closing of its latest mid-round funding.
The funding will be used to advance and expand its closed loop material production technology, per the announcement.
In August, Battery Resourcers announced it would open two new pilot plants in Westborough and Michigan.
As part of Tuesday’s announcement, the company said it plans to expand its commercial plants, including in Europe, by the end of next year.
“With the influx of lithium-ion batteries hitting the market and increased demand for recycled content, the need for battery end of life solutions is more prevalent than ever,” said Michael O’Kronley, CEO and director of Battery Resourcers, in a statement. “This most recent funding round supports Battery Resourcers’ ongoing expansion in the U.S. and extends it to Europe to reinforce our mission of closing the loop on the battery material supply chain.”
