Malaysian battery recycler Econili Battery New Energy raised new capital from Vynn Capital. The investment brings its total funding to MYR 8 million ($1.96 million). The company recovers critical minerals from end-of-life lithium-ion batteries.
Use of funds
The funding follows an earlier round led by state-owned investor Kumpulan Modal Perdana. Vynn Capital focuses on mobility, travel, and supply chain ventures. Econili will use the new capital to purchase more feedstock and increase production.
Recycling capacity
Econili operates a battery recycling plant and a black-mass refinery in Perak. The facilities have an annual capacity to treat 24,000 metric tons of batteries. They can also recover 12,000 metric tons of minerals like lithium, nickel, and cobalt.
Company background
Founded in 2014, Econili is one of five licensed battery recyclers in Malaysia. The company launched its Ipoh plant in May 2024. This first phase involved an investment of about MYR 50 million.
Econili aims to position Malaysia as a hub for sustainable battery recycling in Asia. The company is planning a second-phase expansion in Gopeng, Perak. Vynn Capital intends to help Econili expand its regional presence.