cylib
Assembly Line
cylib raises €55M to scale its lithium battery recycling facility
Aachen, Germany-based cylib, a sustainable end-to-end battery recycling firm, announced that it has raised €55M in a Series A funding round in equity financing. The latest funding was co-led by World Fund, and Porsche Ventures, with participation from Bosch Ventures, DeepTech & Climate Fonds, and NRW.Venture. Existing investors Vsquared Ventures, Speedinvest, 10x Founders, and established business angels, also participated. The round, which is the largest round ever raised by a European battery recycling company, was completed less than 24 months after the company started operations. With a team of over 60 professionals, the company plans to use the funds to make key hires.
The company’s proprietary end-to-end recycling technology was developed over several years of research at the renowned RWTH Aachen University. It enables every component in a lithium-ion battery to be recycled, making it the only company on the market to offer clients a way to recover all elements from production scraps, EVs, or micro-mobility batteries. The company claims to have outperformed long-awaited industry break-even points by reaching a recycling efficiency of> 90 per cent while reducing the environmental footprint (GHG-potential) of the recycling process due to cylib’s water-based Lithium and Graphite recovery by 30% in comparison to competitors.
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.