Betteries completes seed funding

The company recycles discarded electric car batteries and processes them into new products. Thanks in part to the investment, the Berlin start-up plans to present its first projects this year.

The recycling start-up Betteries has raised 2.1 million euros in seed funding. The money comes mainly from venture capitalists Factor(e) Ventures and Beyond Black. Isar AG, an undisclosed French family office and a number of existing investors are also involved.

The Berlin-based company wants to upcycle used batteries from electric cars. Two products made from these discarded batteries are to be launched this year. One is the Betterpack, which is intended to replace diesel generators, for example. The second is the Betterstore, which can store energy from renewable sources such as solar and wind.

"We are delighted to be working together to further our mission of recycling batteries to avert climate change. Together with such a strong group of investors, we can do it," said Betteries founder and CEO Rainer Hönig in light of the closed round. Jit Bhattacharya, Principal at Factor(e) Ventures, praised the start-up's technology: "It is an important step towards providing more affordable and longer-lasting energy solutions to the millions of households and businesses in emerging markets that do not yet have access to reliable energy."