NIO Capital invests in battery recycling firm Ruilong Tech

Shanghai (Gasgoo)- NIO Capital recently led the Series A financing of Ruilong Tech, a Chinese battery recycling company, according to a post on NIO Capital's WeChat account. The fresh funding is expected to raise for the company hundreds of millions of yuan.

Upon completion of the new funding round, Ruilong Tech will continue to boost technology R&D and the development of decommissioned battery procurement channels, so as to step up its advantages in cost control, diversity of purchase channel, as well as high-tech barriers.

Photo credit: NIO Capital

Ruilong Tech, who has signed cooperation agreements with many mainstream battery manufacturers, expects the investors involved in the latest round to introduce suppliers and industrial resources to the company.

Besides, Ruilong Tech plans to form in-depth collaboration with consumer digital electronics firms, automakers, and insurance companies, and further lower technical costs with a larger production scale.

Founded in 2016, Ruilong Tech specializes in the large-scale industrialized utilization of batteries used on automobiles and consumer electronics. As one of the battery recycling companies included into the "white list" issued by China's MIIT (Ministry of Industry and Information Technology), the company has built the capacity for wet-process smelting tens of thousands of tonnes of battery-grade cobalt, nickel, and lithium products annually. It has formed a comprehensive recycling chain that covers all levels of products from battery packs to battery-grade products of smelting.