Stuttgart (Germany) / Boston (USA): Bosch Ventures, the corporate venture capital unit of the Bosch Group, announces two significant investments in the battery recycling sector within a week, marking a significant step towards sustainable technology development. "In an electrified world, battery recycling makes a significant contribution to conserving natural resources," explains Dr. Ingo Ramesohl, Managing Director of Bosch Ventures. "With our investments, we can help cylib and Li Industries to scale their production."
Bosch Ventures led $36 million investment round in Li Industries
On May 9, 2024, Bosch Ventures investment in Li Industries was announced. Li Industries is poised to tackle significant challenges in the Li-ion battery's circular supply chain with innovative, scalable solutions. “Li Industries is the first and only company in the U.S. capable of economically and sustainably recycling low/no cobalt batteries, such as Lithium Iron Phosphate (LFPs), at scale using their unique Direct E2ETM recycling technology,”, said Dr. Ramesohl.
Bosch Ventures co-led the $36 million Series B funding round together with Khosla Ventures and LG Tech Ventures. “We are thrilled to be backed by such a strong group of investors,” said Dr. Zheng Li, co-founder and CEO of Li Industries.
German cylib raised €55 million round less than 24 months after start of operations
Founded in 2022, the company offers market-leading proprietary technology for end-to-end recycling of lithium-ion batteries and has already delivered a successful pilot line and completed projects with major automotive OEMs as well as battery manufacturers. cylib’s process is characterized by an efficient, resource- and climate-friendly recovery of raw materials, including lithium, graphite, nickel, cobalt and manganese from battery packs, black mass or production scraps.
Lilian Schwich, CEO of cylib, said: “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.” Bosch Ventures joined the oversubscribed round on cylib’s way to become Europe’s primary battery recycler.
Rapidly growing market with high local interest
With the rapid growth of battery-driven electric vehicles, eBikes, powertools and household appliances, the demand for battery recycling is soaring. Similar to the U.S., the EU has already ranked the materials inside EV batteries as strategic critical raw materials and set its latest stringent battery recycling regulations accordingly. cylib’s market-leading process enables battery producers, automotive OEMs and all companies operating in the battery value chain to recycle elements locally and achieve these 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," stated Ramesohl. "We are excited to be at the forefront of this vital industry, and we are proud to support and connect multiple companies from different geographies in this space".
