German recycling start-up “cylib” has raised 55 million euros in a Series A investment round which was led by Porsche Ventures and World Fund. Additional investors include the DeepTech&Climate Fonds and Bosch Ventures. The Aachen-based recycler is developing an innovative mechanical-chemical process to recover valuable materials from electric vehicle batteries.
Recovery rate higher than the competition
According to “cylib”, this process promises higher recovery rates than competing methods. “We recycle all elements from a lithium-ion battery, achieving very high resource efficiency,” says cylib co-founder Lilian Schwich. The growing demand for materials like lithium and graphite due to the increasing use of electric vehicles, smartphones, and notebooks drives prices up. Therefore, the recycling of battery materials is becoming increasingly important.
