Battery recycling startup Silib fills the box to go faster • TechCrunch

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In the year By 2024, several new EU laws are expected to come into effect, which will strengthen the obligation of electric vehicle manufacturers and sellers to recycle batteries at the end of their natural life. German battery recycling startup Silib jumped at the chance and raised a total of 11.6 million euros ($12.6 million) to build a recycling plant.

“For the long term, battery recycling has not been efficient enough for companies to take advantage of,” said Gideon Schweich, co-founder and COO of Scilib. “To create a circular economy in battery use, we need to create awareness with various stakeholders to give battery recycling the attention it deserves.”

The company said it will work to recycle the first batteries supplied by its pilot partners over the next six to 12 months – demonstrating that the company’s process is scalable, alongside the challenge of building supply chains and a customer base.

“The aim of this fundraising was to accelerate the industrialization of our sustainable recycling process, which has been developed over years of research. We now want to develop the process to industrial standards, planning to set up a state-of-the-art recycling facility to serve many customers across Europe,” he said.

The lead investor in this round is Global Fund, while previous investors include Vsquared Ventures and Speedinvest. 10x founders also joined for this round. The current round is an €8 million extension, taking the total amount raised for the company’s seed round to €11.6 million.

“The Global Fund offers strong climate capacity, deep technological expertise and extensive network of operational expertise. That is why we are very pleased to have Dr. Mark Windeknecht join us as a board observer,” says Schweich. “The Global Fund only invests in startup technologies that can save at least 100 megatons of CO2e by 2040. The Global Fund is also joined by 10x founders, which brings a wealth of knowledge to the founder’s path and helps build the company even stronger.”

The company aims to create the most efficient and sustainable recycling process for lithium batteries – like those used in electric vehicles. The company has created a process that can take end-of-life batteries, recover the resource and produce new raw materials. The idea is to close the loop and make the mobility sector run on electrified, renewable energy. The company claims a 90% recycling efficiency.

“By doing this, we offer to trace all resources and ensure transparency of the supply chain, significantly reducing the environmental footprint of batteries and moving mobility and transportation forward,” said Lillian Schweich, which will also reduce. Additional lithium extraction is required. This allows for truly green and circular mobility.

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