Summary
– Largest round raised by a European battery recycling company
– Leading investors from automotive, industrial, climate, and deep tech sectors backing cylib
– Funds to be used for scaling production capacities and adding key hires
– Demand for battery recycling is increasing due to growth in electric vehicles
– Cylib’s proprietary technology offers high efficiency recycling and sustainability credentials
Article
Cylib, a European battery recycling company, has recently completed a €55 million Series A funding round, making it the largest round ever raised by a battery recycling company in Europe. The company offers proprietary technology for end-to-end recycling of lithium-ion batteries and has already completed projects with major automotive OEMs and battery manufacturers. The funding will be used to scale production capacities to an industrial level and expand the expert team.
Founded in 2022 in Aachen, Germany, Cylib has attracted leading investors from automotive, industrial, climate, and deep tech sectors to support its mission of creating a resilient and sustainable battery infrastructure in Europe. The funding round was co-led by World Fund and Porsche Ventures, with participation from Bosch Ventures, DeepTech & Climate Fonds, NRW.Venture, and other investors. This marks the first time that investors from various backgrounds have joined forces to support a battery recycling company.
The demand for battery recycling is increasing due to the growth of electric vehicles, with global sales expected to reach 17 million in 2024. Cylib’s innovative process allows for the recycling of every component in a lithium-ion battery, achieving a recycling efficiency of over 90% while reducing the environmental footprint by 30% compared to competitors. The company’s swift path to industrialization and commitment to sustainability have attracted significant interest from stakeholders in building a sustainable battery infrastructure.
Cylib’s success can be attributed to its market-leading technology, developed in collaboration with renowned technical university RWTH Aachen University. The company has already established a team of over 60 professionals and completed successful pilot projects. By offering a locally-delivered, end-to-end battery recycling solution, Cylib aims to reduce the carbon footprint of the battery value chain and ensure the resilience of European EV supply chains. The EU has recognized the importance of battery recycling, ranking the materials inside EV batteries as strategic critical raw materials and implementing stringent regulations.
Overall, Cylib’s significant funding achievement and innovative recycling technology position it as a key player in the sustainable battery industry. With the support of leading investors and a dedicated team, the company is well-equipped to scale up its operations and contribute to the transition towards a more sustainable and resilient battery infrastructure in Europe.
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