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Revolutionizing Battery Recycling on either side of the Atlantic.
- Aachen based mostly cylib raised €55 million spherical, the biggest funding spherical ever raised by a European battery recycling firm.
- US based mostly Li Industries raised $36 million spherical, led by Bosch Ventures
- Dr. Ingo Ramesohl, Managing Director of Bosch Ventures: “We are investing in Sustainability and pave the way in transformative battery recycling technologies.”
Stuttgart (Germany) / Boston (USA) — Bosch Ventures, the company enterprise capital unit of the Bosch Group, declares two vital investments within the battery recycling sector inside per week, marking a major step in the direction of sustainable expertise improvement. “In an electrified world, battery recycling makes a significant contribution to conserving natural resources,” explains Dr. Ingo Ramesohl, Managing Director of Bosch Ventures. “With our investments, we can help Cylib and Li Industries to scale their production.”
German cylib raised €55 million spherical lower than 24 months after begin of operations
Based in 2022, the corporate affords market-leading proprietary expertise for end-to-end recycling of lithium-ion batteries and has already delivered a profitable pilot line and accomplished initiatives with main automotive OEMs in addition to battery producers. cylib’s course of is characterised by an environment friendly, resource- and climate-friendly restoration of uncooked supplies, together with lithium, graphite, nickel, cobalt and manganese from battery packs, black mass or manufacturing scraps.
Lilian Schwich, CEO of cylib, stated: “The funding round we announced today will empower us to embark on our next phase of expansion and deepen existing collaborations, as we grow our next-generation battery recycling at an industrial scale.” Bosch Ventures joined the oversubscribed spherical on cylib’s option to grow to be Europe’s main battery recycler.
The landmark funding spherical marks the primary time in Europe that main buyers from local weather and deep tech, company automotive and trade backgrounds in addition to public funding funds have constructed a consortium to assist a battery recycling firm. This additional alerts the breadth of great stakeholders now devoted to constructing a resilient and sustainable battery infrastructure additionally in Europe.
Quickly rising market with excessive native curiosity
With the fast development of the battery pushed electrical autos, eBikes, Powertools and Family Home equipment, the demand for battery recycling is hovering. Much like the US, the EU has already ranked the supplies inside EV batteries as strategic crucial uncooked supplies, and set its newest stringent battery recycling rules accordingly. cylib’s market-leading course of allows battery producers, automotive OEMs and all firms working within the battery worth chain to recycle parts domestically and overachieve these necessities.
“Our investments in cutting-edge battery recycling startups underscore our commitment to pioneering technologies that not only promise substantial market growth but also offer solutions to one of the most pressing environmental challenges of our time,” acknowledged Ingo Ramesohl, Managing Director at Bosch Ventures. “We are excited to be at the forefront of this vital industry, and we are proud to support and connect multiple companies from different geographies in this space”. The EU funding comes shortly after Bosch Ventures led the $36 million funding spherical within the US direct recycler Li industries.
Bosch Ventures led $36 million funding spherical in Li Industries
Final week, the funding into Li Industries was closed. Li Industries is poised to sort out vital challenges within the Li-ion battery’s round provide chain with modern, scalable options. “Li Industries are the first and only company in the US capable of economically and sustainably recycling low/no cobalt batteries, such as Lithium Iron Phosphate (LFPs), at scale using their unique Direct E2ETM recycling technology,” stated Dr. Ramesohl.
Bosch Ventures has co-led the $36 million Sequence B funding spherical, along with Khosla Ventures and LG Tech Ventures. “We are thrilled to be backed by such a strong group of investors,” stated Dr. Zheng Li, co-founder and CEO of Li Industries.
Press launch & photos from Bosch Ventures.
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