Aachen-based cylib recently secured an €8 million extension to its seed round, bringing its total for the round to €11.6 million.
With the proceeds, cylib expects to expand its workforce with a view to launching its first battery recycling facility in Aachen next year.
cylib is a spinout company from RWTH Aachen University.
A reputed differentiator in cylib's technology is the use of water to condition lithium and graphite materials, as opposed to chemical agents regarded as an industry standard.
In addition, the recycling plant would be able to capture CO2, and it's designed to recover secondary battery materials that are less valuable than rare lithium minerals. Graphite, in particular, is used to manufacture most EV battery anodes but is often not worth the cost to recycle.
Lilian Schwich, cylib's CEO and a former doctoral student at RWTH's metal recycling institute, explained: "Our patent-pending technology therefore recovers all raw materials even those that are not as valuable monetarily but are still critical, such as graphite."