cylib receives 55 million euros for battery recycling technology

Next-generation battery recycling: cylib secures 55 million euros. Automotive and deep tech investors back sustainable technology.

AACHEN , May 15, 2024 - German battery recycling company cylib has successfully closed a Series A financing round, raising a total of €55 million. This financing round was led by World Fund and Porsche Ventures and marks the largest financing round for a European battery recycling company to date.

Investor alliance

For the first time, investors from different sectors such as automotive, industrial and deep tech have joined forces to invest in a battery recycling company. In addition to World Fund and Porsche Ventures, other investors such as Bosch Ventures, DeepTech & Climate Fonds and NRW.Venture also participated in the financing round.

Rising demand for battery recycling

The financing will be used to scale up cylib's production capacities and expand the team. The company has already acquired a brownfield industrial facility in Germany and plans to further expand its presence in the battery recycling industry.

With this financing round, we will initiate the next phase of growth, deepen existing collaborations and scale our next-gen battery recycling industrially.

Lilian Schwich, CEO of cylib

In view of the global increase in sales of electric vehicles, the demand for battery recycling is also rising. The EU has identified battery raw materials as strategically critical and cylib's recycling efficiency of over 90% could help meet this challenge.

Future plans

The company plans to become Europe's leading battery recycling company and further expand its team. With the completion of this financing round, cylib is well on its way to achieving its goals and building a sustainable battery infrastructure in Europe.