Malaysian lithium-ion battery recycler Econili Battery New Energy has raised an extension round led by venture capital firm Vynn Capital, bringing its total funding to RM8 million ($1.96 million), according to a statement.
The size of the latest investment was not disclosed. It follows an earlier funding round led by Kumpulan Modal Perdana.
Econili will use the proceeds as working capital to secure more battery feedstock and increase throughput at its existing processing plants in Ipoh, Perak.
Led by founder and CEO Jayden Goh, the company recovers lithium, nickel and cobalt from end-of-life batteries and battery production scrap. The recovered minerals are used in the production of cathode active material, a component of batteries for electric vehicles and energy-storage systems.
Its operations combine mechanical shredding to produce black mass, a mixture containing valuable battery minerals, with hydrometallurgical refining to recover materials including lithium carbonate and mixed hydroxide precipitate.
Econili said its plants have processing capacities of 24,000 metric tonnes for battery treatment and 12,000 metric tonnes for critical mineral recovery. It describes itself as Malaysia’s largest lithium-ion battery recycler and one of five licensed battery-recycling operators compliant with the Department of Environment’s SW103 requirements.
The company aims to establish Malaysia as a black-mass processing hub, supplying recovered minerals to Asia’s battery industry as manufacturers seek to diversify their sources of critical materials.
“Econili is currently looking for strategic opportunities and expanding its capital footprint, actively bringing external investment into Malaysia to position the nation as a premier hub for sustainable battery recycling innovation,” Goh said.
In October, DealStreetAsia reported that Vynn Capital reached the final close of its second fund and plans to deploy capital through 2027, targeting 13-14 portfolio companies. The ASEAN-focused Mobility and Supply Chain Fund had reportedly targeted $30 million, although its final size was not disclosed. Its backers include KWAP, Jelawang Capital, MAVCAP, Sime Darby and AEI Capital.
