Germany-based cylib raises €8M for its new lithium battery recycling facility
Germany-based cylib, a company that offers an “innovative” and sustainable technology for Lithium-ion battery recycling, announced on Wednesday that it has raised €8M in an extension Seed round of funding. With this, the total Seed round comes to €11.6M. The company says the funds will be used to establish a recycling facility.
The round was led by Europe’s leading climate tech VC, World Fund. It only backs entrepreneurs building climate tech solutions that have the potential to save at least 100 megatonnes of CO2 every year, which it believes cylib can achieve through its technology.
Aachen-based cylib was spun out of RWTH Aachen University and its proprietary technology is now patent pending.