Cylib starts large-scale battery recycling following successful funding round
Cylib specializes in recycling lithium-ion batteries and has successfully completed pilot projects with European and Asian automotive and battery manufacturers. In September 2023, Cylib commissioned a pilot line in Aachen that can recycle up to 500 kilograms of batteries daily. The capital raised from a financing round, in which World Fund, Porsche Ventures, and Bosch Ventures, among others, are involved, will be channeled into industrial scaling and team expansion. Cylib has acquired an existing industrial plant in Germany for this purpose. CEO Lilian Schwich announces the next growth phase and the deepening of existing collaborations. Cylib currently employs around 60 people and is planning further recruitment. Cylib’s recycling process is based on many years of research at RWTH Aachen University and aims to recover all battery elements without using chemicals, with a targeted recycling efficiency of over 90 percent. Bosch is also investing in the US recycling company Li Industries.
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