Singapore’s NEU Battery opens EV recycling plant, raises $7.6 million
Why it matters: The Tuas facility targets lithium recovery from LFP batteries, a fast-growing EV chemistry that recyclers have struggled to profit from.
NEU Battery Materials has opened its first recycling plant in Singapore and secured an oversubscribed $7.6 million funding round as it tries to make lithium recovery from EV batteries commercially viable. The 12,000-square-foot Tuas facility can process 1,300 tonnes of battery materials a year, though the company said it will initially use the site to test and refine the process rather than run at full capacity. NEU focuses on lithium iron phosphate, or LFP, batteries, which made up more than 55% of EV batteries deployed globally in 2025, according to the International Energy Agency. The round was led by Shift4Good and SGInnovate, with proceeds earmarked for plant operations, technology development and expansion into Europe and the United States.