Ruicycle Raises Over RMB 300 Million from Series B

Shenzhen Ruicycle Environmental Protection Technology Co., Ltd accomplished the B round of fundraising with over RMB 300 million, which is backed by Legend Capital.

August 08, 2022. By News Bureau

Shenzhen Ruicycle Environmental Protection Technology Co., Ltd accomplished the B round of fundraising with over RMB 300 million, which is backed by Legend Capital.

This round of fundraising will be mainly used to improve the development of the echelon utilized product series, the construction of new energy retired lithium battery recycling capacity, and the expansion of new lithium battery wet recycling technology.

Ruicycle is the company devoting intelligent management of temperature-sensing cameras to the retired battery storage field. It has established industrial bases for echelon utilization and recycling in Huizhou, Jiangmen, and Ganzhou, respectively, achieving a recycling capacity of 150,000 tons per year of retired power batteries.

At the same time, Ruicycle has also been cooperating with Legend Capital's portfolio company Milkyway, a leading dangerous chemicals logistics enterprise, to build a global leading ESG recycling system.

CHEN Zhipeng, the founder of Ruicycle, said: "We are a relatively young team. In keeping with the trend of the new energy era, we are eager to learn more from industry predecessors to root in the physical manufacturing industry more deeply. At the same time, we look forward to having more aspiring youngsters join us to create an efficient organization and together make contributions to the globalization of new energy industrialization experience.

Legend Capital's investments in the carbon-neutral field focus on energy decarbonization, vehicle electrification/intelligence, synthetic biology, etc. Energy decarbonization includes photovoltaic, wind power, and smart grid; vehicle electrification/intelligence includes lithium battery vehicles, hydrogen fuel cell vehicles, battery recycling and others.

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