Ruilong was founded in 2016 and has four recycling plants, three of which are already in operation.

The company uses retired and used lithium batteries as feedstock to efficiently process almost all types of lithium-ion batteries, according to Nio Capital.

With the rapid development of the NEV industry, the power battery recycle market is gaining more attention.

By 2025, the global battery recycling market will exceed RMB 100 billion and reach RMB 150 billion in 2027, according to a previous forecast by market research firm GGII.

Nio Capital is a fund established by William Li, the founder, chairman and CEO of electric vehicle company Nio, and Li currently serves as its managing partner.