The investment round is the largest ever raised by a European battery recycling company
- Leading automotive, industrial, climate and deep tech investors join forces for the first time to back next-generation battery recycling technology company cylib to support a resilient and sustainable battery infrastructure in Europe
- World Fund, Porsche Ventures, Bosch Ventures, DeepTech & Climate Fonds, NRW.Venture, Vsquared Ventures, Speedinvest, 10x Founders and established business angels join historic funding round
- Founded in 2022, the company offers market-leading proprietary technology for end-to-end recycling of lithium-ion batteries and has already delivered a successful pilot line and completed projects with major automotive OEMs as well as battery manufacturers
- Funds will be used to scale production capacities to an industrial level and to add key hires to the expert team
15.05.24: AACHEN, GERMANY – Sustainable end-to-end battery recycling firm cylib today announced the completion of its €55 million Series A funding round in equity financing. 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. cylib will use the funds to power the industrialization of its proprietary technology, which is already used by leading OEMs and battery manufacturers, by scaling up its operations at an already-secured brownfield industrial facility in Germany.
Co-led by the leading European climate tech VC World Fund, and Porsche Ventures, the venture arm of sports car manufacturer Porsche AG, the round was joined by Bosch Ventures, DeepTech & Climate Fonds, NRW.Venture, existing investors Vsquared Ventures, Speedinvest, 10x Founders and established business angels. Notably, cylib’s funding round is the first venture co-investment from industrial giants Porsche and Bosch in Germany.