Circu Li-ion, a Luxembourg-based battery recycling startup, raised €8.5M in Seed funding.
The recent funding included €4.5m in equity, which was led by BonVenture and saw additional backing from an undisclosed group of battery, AI, and industry experts, and a significant participation of the company’s management team. The investment is complemented by €4m in grants from the EICA (European Innovation Council Accelerator) and collaborations with recyclers and OEMs.
The company intends to use the funds to expand its AI-driven battery upcycling solution, optimize battery recycling processes, and develop a battery recycling data repository.
Led by CEO Antoine Welter, and CTO Xavier Kohll, Circu Li-ion is a battery upcycling company that focuses on boosting the value of each battery, by automating and scaling the disassembly of batteries and the diagnostic of cells – for a more economical and ecological battery recycling. Its machine-as-a-service solution offers the possibility to give used batteries a second life through upcycling instead of recycling – saving money and the planet. The company provides its technology in the space of electric vehicles, micro-mobility, tools, energy storage systems, and recycling.
Moving forward, Circu Li-ion will expand its partnerships with leading OEMs and recyclers. Alongside functional growth, the company plans to expand its main production facility near Karlsruhe, Germany to 2,000 m2, while further growing its Berlin satellite office.
FinSMEs
24/10/2023