Bosch Ventures, the venture capital division of the Bosch Group, has intensified its engagement with sustainable technology through significant financial commitments to battery recycling innovators Cylib and Li Industries. These moves underscore Bosch’s strategic intent to mitigate environmental impacts through advanced recycling technologies.
Dr. Ingo Ramesohl, Managing Director of Bosch Ventures, emphasized the essential role of battery recycling for resource conservation in an electrified landscape. “In an electrified world, battery recycling makes a significant contribution to conserving natural resources,” he remarked.
Cylib Secures Strategic Financing
German startup Cylib, launched in 2022, has swiftly risen as a frontrunner in comprehensive lithium-ion battery recycling. With its recent €55 million funding achievement, Cylib deploys proprietary technology for efficient recovery of critical materials such as lithium, graphite, nickel, cobalt, and manganese from spent batteries and production waste.
CEO of Cylib, Lilian Schwich, reflected on the impact of the investment: “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 landmark financing round, supported by a diverse consortium from climate tech, automotive sectors, and public investment funds, marks a crucial development in constructing robust battery recycling infrastructure across Europe.
Battery Recycling Market’s Rapid Expansion
The proliferation of electric vehicles, e-bikes, power tools, and household appliances has significantly propelled the demand for battery recycling. The EU’s classification of materials within EV batteries as strategic critical raw materials, coupled with stringent recycling directives, positions Cylib’s advanced recycling process as a pivotal solution for stakeholders in the battery value chain to surpass regulatory requirements.
“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,” Ramesohl asserted. He expressed pride in Bosch’s role in nurturing collaborations across diverse companies and regions within this sector.
Li Industries Leads U.S. Recycling Innovation
Following the investment in Cylib, Bosch Ventures directed funds to U.S.-based Li Industries, known for its innovative Direct E2ETM recycling technology. This makes Li Industries a pioneer in the cost-effective and sustainable recycling of low/no cobalt batteries, such as Lithium Iron Phosphate (LFPs), at scale.
The $36 million Series B funding round co-led by Bosch Ventures, along with Khosla Ventures and LG Tech Ventures, signifies strong investor confidence. Dr. Zheng Li, co-founder and CEO of Li Industries, acknowledged the strategic backing: “We are thrilled to be backed by such a strong group of investors,”
These strategic investments by Bosch Ventures not only emphasize the escalating importance of sustainable practices within the tech industry but also position Bosch as a pivotal force in the global drive toward a more sustainable future.
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