German battery recycling startup cylib has raised €3.6 million in funding led by Speedinvest and Vsquared.
Other investors include Kai Hansen, the inventor of Lieferando, Lawrence Leuschner of Blue Impact Ventures, Torge Thönnessen, and Leopold König of Customcells, Maximilian Odendahl of Silexica, and Karim Jalbout, CPO at Lilium.
Conventional recycling techniques don’t effectively recover valuable resources, have a big ecological impact, emit a lot of CO2, and necessitate the use of numerous chemicals.
As a result, the German company has created a lithium-ion battery recycling technology that is resource-efficient and environmentally beneficial.
A new unique eco-efficient recycling technique has been created by Lilian Schwich, Paul Sabarny, Dr. Ing. Gideon Schwich, and their team as a spin-off from RWTH Aachen University.
A lithium-ion battery can be recycled by cylib with exceptional efficiency and in a way that is good for the environment.
The most effective and environmentally friendly method now in use is that of Cylib because it recycles emitted CO2 and does not use chemicals to recover lithium or graphite.
“The manufacture of batteries nowadays is not environmentally friendly. We make it possible to produce sustainable battery cells in the future with our recycling technique, according to CEO Lilian Schwich. “A circular economy is necessary to produce the enormous number of batteries that will be needed in the future for electromobility. As much as feasible, people, the environment, and the climate are all protected by our all-encompassing recycling strategy.
The company’s innovative end-to-end technique is distinguished by effectively recovering all valuable components from the pack to the cell level of an electric vehicle battery. As a result, there are fewer CO2 emissions produced during the cylib process.
“We are currently discussing strategic partnerships with several businesses. Co-founder and COO Dr. Gideon Schwich list these as being raw material suppliers, cell manufacturers, and auto OEMs.
“The founders’ extensive background in battery recycling research and their efforts in the sector impressed us. The group surrounding Lilian Schwich has spent the last five years working and advising for top battery-related businesses, so they are familiar with the problems and potential solutions facing this sector, according to Dr. Herbert Mangesius of Vsquared Ventures.
Dr. Herbert continued, “This is a combination we have not seen before, and we believe it will be essential to developing the top battery recycling company.
The Munich-based deep tech fund has made significant investments in businesses like CUSTOMCELLS and Group14 Technologies in the battery industry.
“Europe is the excellent starting place to build out category leaders in the lithium-ion battery recycling market,” the knowledgeable business angel Andrej Henkler adds. The advanced technology used by Cylib, their connections to well-known battery manufacturers, and the fact that they adhere to all legal and regulatory standards already position them for long-term success.
Image Credit: cylib