Battery recycling startup Mecaware raises €40m Series A
French battery recycling startup Mecaware has announced a €40m Series A. The deal — a mix of equity, debt and state subsidies — will enable Mecaware to start scaling its technology and deploy a pre-industrial pilot as part of a partnership with Verkor, one of Europe’s best-funded gigafactories.
It was led by French VC Crédit Mutuel Innovation, followed by SPI2, a fund dedicated to industrial projects that is managed by public investment bank Bpifrance. Returning investors included sustainable energy firm EIT InnoEnergy, UI Investissement, Kreaxi and BNP Paribas Création.
Mecaware says that its technology is able to extract and re-use metals from old batteries, as well as from the waste produced at battery manufacturing plants, which have high scrap ratios.