TLDR:
- Cylib, a sustainable battery recycling firm, raised EUR 55 million in a funding round co-led by Bosch and Porsche.
- Investment will be used to industrialize Cylib’s proprietary recycling technology and scale operations.
Bosch and Porsche lead EUR 55 mn investment in Cylib’s battery recycling expansion
Cylib, a sustainable end-to-end battery recycling firm, has successfully completed a EUR 55 million Series A funding round in equity financing. Co-led by the leading European climate tech venture capital firm World Fund and Porsche Ventures, the venture arm of sports car manufacturer Porsche AG, the funding round also saw participation from Bosch Ventures, DeepTech & Climate Fonds, NRW.Venture, and other significant investors. Cylib will use the funds to industrialize its proprietary recycling technology, scaling operations at a secured brownfield industrial facility in Germany.
This funding round, the largest ever raised by a European battery recycling company, was completed less than 24 months after Cylib started operations. Bosch Ventures’ involvement marks its first venture co-investment with Porsche in Germany.
Broad support from key stakeholders
This landmark investment brings together major stakeholders from climate tech, corporate automotive, industry, and public investment backgrounds to support Cylib. This consortium’s formation underscores the significant dedication to building a resilient and sustainable battery infrastructure in Europe.
Cylib’s pioneering journey
Founded in 2022 in Aachen, Germany, Cylib was established by CEO Lilian Schwich, CTO Paul Sabarny, and COO Dr Gideon Schwich. Reflecting on the achievement, Lilian Schwich stated, “This funding round empowers us to embark on our next phase of expansion and deepen existing collaborations.”
Rising demand for battery recycling
The demand for battery recycling is rapidly increasing, driven by the growth of electric vehicles (EVs). Cylib’s innovative process aims to meet this demand, ensuring resilient battery supply chains in Europe.
Cylib’s recycling process
Cylib’s proprietary process allows for the complete recycling of all components in a lithium-ion battery, achieving a recycling efficiency of over 90% and reducing the environmental footprint of the recycling process by 30% compared to competitors.
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