- Cylib raises €55M in largest-ever funding for European battery recycling
- Founded in 2022 in Aachen by CEO Lilian Schwich, CTO Paul Sabarny, and COO Dr Gideon Schwich
- Cylib’s proprietary process enables recycling of every component in a lithium-ion battery
- Funding round co-led by World Fund and Porsche Ventures, with participation from Bosch Ventures and others
- Funds to be used for scaling up operations at a brownfield industrial facility in Germany
Revolutionizing European Battery Recycling with Cylib’s €55M Funding
Sustainability in the modern world is a crucial topic, and one area that has been gaining significant attention is battery recycling. Recently, Cylib, a sustainable end-to-end battery recycling firm, made headlines by raising an impressive €55 million in a Series A funding round. This funding round marks a significant milestone as the largest-ever funding secured by a European battery recycling company. Let’s delve deeper into this groundbreaking development and understand the impact it will have on the future of battery recycling in Europe.
The Need for Enhanced Battery Recycling in Europe
With the increasing demand for battery-powered devices and electric vehicles, the need for efficient battery recycling processes has never been more critical. As we strive to transition away from fossil fuels towards more sustainable energy sources, it is essential to ensure that this shift does not result in a heavy reliance on scarce mineral resources. Battery recycling plays a vital role in this transition by recovering valuable materials from used batteries and reducing the environmental impact of manufacturing new batteries.
Cylib, founded in 2022 in Aachen, Germany, has emerged as a frontrunner in the field of battery recycling. The company’s proprietary process is capable of recycling every component in a lithium-ion battery, making it a pioneer in the industry. By offering clients the ability to recover all elements from production scraps, electric vehicle batteries, and micro-mobility batteries, Cylib has positioned itself as a leader in sustainable battery recycling solutions.
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Cylib’s Innovative Approach to Battery Recycling
What sets Cylib apart from its competitors is its remarkable recycling efficiency, exceeding 90%. This efficiency not only surpasses industry benchmarks but also significantly reduces the environmental footprint of the recycling process. Cylib achieves this feat through its water-based Lithium and Graphite recovery process, which reduces the GHG potential by 30% compared to other methods.
The company’s journey began with an initial seed funding of €11.6 million, which enabled the successful development of a pilot line in September 2023. Since then, Cylib has undertaken battery recycling projects for automotive OEMs, Tier 1 suppliers, and refineries, establishing itself as a key player in the European battery recycling landscape. By offering a comprehensive, locally-delivered recycling solution, Cylib aims to minimize the carbon footprint of the battery value chain and ensure the resilience of European EV supply chains.
The Impact of Cylib’s Funding Round
The recent €55 million funding round secured by Cylib represents a significant milestone in the company’s growth trajectory. This funding will enable Cylib to scale up its operations at a brownfield industrial facility in Germany, paving the way for the industrialization of its revolutionary technology. By partnering with leading OEMs and battery manufacturers, Cylib is set to drive innovation and efficiency in the battery recycling sector.
The funding round, a consortium effort involving major investors from climate and deep tech ventures, corporate automotive backgrounds, and public investment funds, highlights the industry’s recognition of Cylib’s potential. Co-led by prominent investors such as World Fund and Porsche Ventures, the round also saw the participation of Bosch Ventures, underscoring the widespread support for Cylib’s pioneering approach to battery recycling.
Cylib’s successful funding round not only propels the company towards industrial-scale battery recycling but also underscores the growing importance of sustainable practices in the energy sector. As the company continues to revolutionize European battery recycling, it sets a new standard for environmental responsibility and innovation in the industry.
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