Bosch Ventures, the corporate venture capital unit of the Bosch Group, has announced two investments in battery recycling in a week.
German company cylib, which is less than two years old, raised €55 million in a funding round. It offers proprietary technology for end-to-end recycling of lithium-ion batteries. It has already delivered a successful pilot line and completed projects with major automotive OEMs and battery manufacturers. It recovers raw materials including lithium, graphite, nickel, cobalt and manganese from battery packs, black mass and production scraps.
Bosch did not say how much it contributed to the funding round, but said it was oversubscribed. It said it is the first time in Europe that major investors from climate and deep tech, corporate automotive and industry backgrounds, as well as public investment funds, have built a consortium to support a battery recycling company.
Last week, the fund co-led investment into US recycler Li Industries in a $36 million series B funding round, together with Khosla Ventures and LG Tech Ventures.
The recycler claims to be the first and only company in the US capable of economically and sustainably recycling low/no cobalt batteries, such as lithium iron phosphate, at scale.
Photo: the cylib team
