Sekwell completes over 100 million RMB Series A financing to accelerate power battery recycling

Scavengewell, a provider of solutions for the recycling of retired power batteries, has completed a round A financing of more than 100 million yuan and obtained a bank credit of more than 300 million yuan. This round of financing was jointly led by Yaotu Capital and South Korea's SV Fund, and followed by Zhongan Youxuan No. 2 Fund and Zaoshi Technology. Founded in December 2020, Scavengewell focuses on the research and development, manufacturing and technical solution development of intelligent equipment for power battery recycling. The company's core technologies include self-developed SPR technology, which can achieve full-element recycling of power batteries. At present, Scavengewell has completed the first phase of a lithium battery recycling project for a Fortune 500 company in South Korea, and is building an integrated demonstration plant for the recycling of retired lithium iron phosphate power batteries with an annual processing capacity of 30,000 tons.