Summary
– Cylib, a German-based battery recycling company, raised €55 million, while US-based Li Industries raised $36 million in funding rounds
– Both companies are focused on revolutionizing battery recycling, with Bosch Ventures leading the investments, signaling a commitment to sustainability
– Cylib uses proprietary technology for end-to-end recycling of lithium-ion batteries, while Li Industries specializes in recycling low/no cobalt batteries
– The investments come at a time of rapid growth in the battery-driven electric vehicle market, with increasing demand for sustainable battery recycling solutions
– Bosch Ventures sees the investments as a way to support transformative battery recycling technologies and contribute to building a resilient and sustainable battery infrastructure in both Europe and the US
Article
Bosch Ventures, the corporate venture capital unit of the Bosch Group, made two significant investments in the battery recycling sector. The German cylib raised €55 million less than 24 months after starting operations. Cylib offers proprietary technology for recycling lithium-ion batteries and has completed projects with major automotive OEMs and battery manufacturers. The company’s process recovers raw materials efficiently and environmentally-friendly. Cylib’s funding round will enable them to expand and deepen collaborations as they grow their battery recycling at an industrial scale.
The investment in cylib marks the first time in Europe that major investors from climate, deep tech, corporate automotive, industry backgrounds, and public investment funds have come together to support a battery recycling company. With the rapid growth of battery-driven electric vehicles, eBikes, power tools, and household appliances, the demand for battery recycling is increasing. Cylib is positioned to overachieve stringent battery recycling regulations in the EU, enabling companies in the battery value chain to recycle elements locally.
Bosch Ventures also led a $36 million investment round in Li Industries, a US-based company focused on recycling Li-ion batteries. Li Industries is the first and only company in the US capable of economically and sustainably recycling low/no cobalt batteries at scale. The investment from Bosch Ventures, Khosla Ventures, and LG Tech Ventures will support Li Industries in tackling significant challenges in the Li-ion battery’s circular supply chain. The company’s unique Direct E2ETM recycling technology sets them apart in the industry.
Dr. Ingo Ramesohl, Managing Director of Bosch Ventures, emphasized the importance of investing in sustainability and transformative battery recycling technologies. The investments in cutting-edge battery recycling startups showcase Bosch Ventures’ commitment to pioneering technologies that offer solutions to pressing environmental challenges. By supporting companies in different geographies in the battery recycling space, Bosch Ventures is at the forefront of this vital industry. The EU investment in cylib and the US investment in Li Industries demonstrate Bosch Ventures’ global presence and dedication to sustainable technology development.
The rapid growth of battery-driven products has led to increased interest in battery recycling, both in Europe and the US. The investments in cylib and Li Industries highlight the importance of developing sustainable solutions for recycling lithium-ion batteries. With a focus on conserving natural resources and addressing environmental challenges, Bosch Ventures’ investments in battery recycling startups pave the way for a more resilient and sustainable battery infrastructure. The collaboration between investors from different backgrounds signifies a collective effort to support innovative and impactful technologies in the battery recycling sector.
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