Bosch Ventures Doubles Down on Battery Recycling
Bosch Ventures, the investment arm of Bosch Group, made two substantial investments in battery recycling companies within a week.
This move highlights their commitment to developing sustainable technologies for a future powered by electric vehicles and other battery-powered devices.
"In an electrified world, battery recycling makes a significant contribution to conserving natural resources," explains Dr. Ingo Ramesohl, Managing Director of Bosch Ventures. "With our investments, we can help Cylib and Li Industries to scale their production."
Cylib: A Rising Star in European Battery Recycling
German startup cylib secured a €55 million funding round in less than two years since its launch. Their innovative technology allows for efficient and environmentally friendly recovery of key materials like lithium, graphite, and nickel from used batteries. They have already completed successful projects with major automakers and battery manufacturers.
Lilian Schwich, CEO of cylib, said: “The funding round we announced today will empower us to embark on our next phase of expansion and deepen existing collaborations, as we grow our next-generation battery recycling at an industrial scale.”
This funding round marks a first in Europe – a consortium of investors from climate tech, automotive, and public sectors backing a battery recycling company. This collaboration demonstrates the growing importance stakeholders place on building a robust and sustainable battery infrastructure in Europe.
A Soaring Market Driven by Electric Vehicles
The demand for battery recycling is rapidly increasing due to the surge in electric vehicles, e-bikes, power tools, and household appliances. Similar to the US, the EU recognises the critical nature of the materials in EV batteries and has implemented strict regulations for battery recycling. Cylib's technology allows battery manufacturers, automakers, and other companies in the battery supply chain to recycle materials locally and meet these regulations with ease.
"Our investments in cutting-edge battery recycling startups underscore our commitment to pioneering technologies that not only promise substantial market growth but also offer solutions to one of the most pressing environmental challenges of our time," stated Ingo Ramesohl, Managing Director at Bosch Ventures. "We are excited to be at the forefront of this vital industry, and we are proud to support and connect multiple companies from different geographies in this space" This EU investment follows Bosch Ventures' lead role in a $36 million funding round for US-based Li Industries.
Li Industries: Pioneering Direct Recycling Technology
Li Industries is tackling challenges in the lithium-ion battery supply chain with innovative, scalable solutions. They are the first company in the US to economically and sustainably recycle low-cobalt batteries like Lithium Iron Phosphate (LFPs) at scale using their unique Direct E2ETM technology. Bosch Ventures co-led the $36 million Series B funding round alongside Khosla Ventures and LG Tech Ventures. "Having such a strong group of investors is thrilling," said Dr. Zheng Li, co-founder and CEO of Li Industries.
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Source: Bosch
