Series A investment of €55 million was secured by cylib, a sustainable end-to-end battery recycling company situated in Aachen, Germany.
Investors
- Porsche Ventures
- World Fund
- Business angels
- NRW.Venture
- Bosch Ventures
- DeepTech & Climate Fonds
- Vsquared Ventures
- Speedinvest
- 10x Founders
Use of funds
By expanding its operations in a secured brownfield industrial location in Germany, the company hopes to use the cash to further industrialize its unique technology, which is currently utilized by OEMs and battery makers.
Cylib employs about sixty people, and it has received over €74 million in investment to far.
About Cylib
Cylib is a comprehensive battery recycling firm that was founded in 2022 by Dr. Gideon Schwich, COO, and CEO Lilian Schwich. It guarantees the supply of green battery materials for the battery sector and a circular economy. The method used by the firm recovers raw materials from battery packs, black mass, or production leftovers in an effective, resource- and climate-friendly manner. These materials include lithium, graphite, nickel, cobalt, and manganese. Its exclusive end-to-end recycling technique was created at the esteemed RWTH Aachen University during many years of research.
