Betteries closes seed funding
The company recycles discarded e-car batteries and processes them into new products. Thanks in part to the investment, the Berlin-based start-up plans to present its first projects this year.
The recycling start-up Betteries has raised €2.1 million in seed funding. The money comes mainly from venture capitalists Factor(e) Ventures and Beyond Black. Also on board are Isar AG, an undisclosed French family office and some existing investors.
The Berlin-based company wants to upcycle used batteries from e-cars. To that end, it plans to launch two products this year that will be created from these discarded batteries. One is the Betterpack, which is intended to replace diesel generators, for example. The other is the Betterstore, which can store energy from renewable sources such as solar and wind.
"We are excited to work together to advance our mission to recycle batteries to avert climate change. Together with such a strong group of investors, we can do it," Betteries founder and CEO Rainer Hönig said in light of the closed round. Jit Bhattacharya, Principal at Factor(e) Ventures, praised the startup's technology: "It's an important step in bringing more affordable and durable energy solutions to the millions of households and businesses in emerging markets that still lack access to reliable energy."
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