Ruilong Tech, a Chinese lithium-ion battery recycling startup, announced on Wednesday that it had raised “hundreds of millions of RMB” in a Series A led by Nio Capital, an investment firm founded by Nio CEO William Li. Established in 2016 in Ganzhou, a city known for its rich lithium mineral resources in the central Chinese province of Jiangxi, Ruilong is included in a whitelist by China’s Ministry of Industry and Information Technology that allows approved companies to operate battery recycling facilities. The company said it has the capacity to process 100,000 tonnes of battery packs on an annual basis. Other investors include Midea Capital, an investment arm of the namesake home appliances maker. [36Kr, in Chinese]

Correction: an earlier version of this article misidentified Nio Capital as Nio.