cylib, an Aachen, Germany-based sustainable end-to-end battery recycling firm, raised €55M in Series A funding.
The round was led by World Fund, and Porsche Ventures, with participation from Bosch Ventures, DeepTech & Climate Fonds, NRW.Venture, Vsquared Ventures, Speedinvest, 10x Founders and business angels.
The company intends to use the funds to empower the industrialization of its proprietary technology, which is already used by OEMs and battery manufacturers, by scaling up its operations at an already-secured brownfield industrial facility in Germany.
Founded in 2022 by Lilian Schwich (CEO), Paul Sabarny (CTO) and Dr Gideon Schwich (COO), cylib is a holistic battery recycling company which ensures the supply of green battery materials for the battery industry and a circular economy. The company’s process is characterized by an efficient, resource- and climate-friendly recovery of raw materials, including lithium, graphite, nickel, cobalt and manganese from battery packs, black mass, or production scraps. Its proprietary end-to-end recycling technology was developed over several years of research at the renowned RWTH Aachen University.
Cylib has more than 60 employees and its total funding to date amounts to approx. €74M.
FinSMEs
15/05/2024