Novocycle Technologies Corp. Raises $1.1 Million in Seed Funding to Revolutionize Lithium-Ion Battery Recycling

As the demand for electric vehicles (EVs) and their batteries surges, the need for environmentally responsible recycling methods becomes increasingly crucial. Traditional recycling processes often lead to substantial material loss and environmental hazards. Novocycle’s proprietary technology disrupts this norm by enabling the recovery of battery materials with unparalleled purity and efficiency, boasting a mass-in vs. mass-out efficiency of over 96%.

This innovative recycling method not only aligns with upcoming EU Directives for Lithium-Ion Battery Recycling but also represents a significant leap towards achieving a circular economy for lithium-ion batteries. Novocycle’s process has been validated in lab-scale trials and is poised to industrialize, paving the way for large-scale implementation.

Taha Uluhan, Co-Founder and CEO of Novocycle Technologies Corp., highlighted the revolutionary aspect of their technology, saying, "Our process addresses the critical shortcomings of current recycling methods, notably the high material losses and the generation of mixed ‚black mass‘. Our solution offers a more economical and environmentally friendly alternative, drastically reducing the carbon footprint associated with battery recycling."

SABIC Ventures expressed enthusiasm for the partnership, with Aruna Subramanian, Managing Director, stating, "Collaborating with Novocycle aligns perfectly with SABIC’s BLUEHERO™ initiative, aimed at accelerating the transition to electric power in the automotive industry."

Doğukan Çetin, Vice President of APY Ventures, also shared his optimism about the collaboration, emphasizing the significance of Novocycle’s "New Generation Battery Recycling Process" and its contribution to a sustainable future.

About Novocycle Technologies Corp.

Founded in November 2021 by Taha Uluhan, Fatih Bosna, and Yusuf Perçin, Novocycle Technologies Corp. aims to revolutionize lithium-ion battery recycling. The company’s innovative technology facilitates the circular use of lithium-ion batteries, encompassing recycling, second-life applications, cathode material reproduction, and the production of recycling-friendly battery packs. Based in San Francisco, California, with incubation in Technology Development Zone Bilisim Vadisi in Türkiye, Novocycle is dedicated to making lithium-ion battery recycling efficient, sustainable, and globally accessible.

About the Investors

Diniz Holding is a leading automotive group in Turkey, with a diversified portfolio that extends beyond the automotive sector into agriculture, catering, construction, and insurance services.

SABIC Ventures is the venture capital arm of SABIC, focusing on investments that support SABIC’s goals in carbon neutrality, circular economy, and sustainable agrinutrients.

APY Ventures is a venture capital firm established by Albaraka Portfoy Yonetim A.S., dedicated to investing in and supporting startups aiming to make a global impact.

For more information about Novocycle Technologies and its innovative recycling technology, visit https://novocycle.com.