Cylib has successfully raised €55 million in Series A funding to scale its innovative battery recycling technology, attracting significant investors from the automotive, climate, and deep tech sectors.
Target Information
Cylib, a pioneering technology firm specializing in sustainable and holistic battery recycling, has successfully completed a Series A funding round, securing €55 million. This marks the largest financing round for a European battery recycling company to date, accomplished in less than 24 months since the company's founding. Cylib has developed a comprehensive end-to-end process for recycling lithium-ion batteries and has already completed pilot projects with leading automotive and battery manufacturers in both Europe and Asia.
The funds raised will be utilized for industrial scaling of production and expanding the multidisciplinary team. Cylib’s leadership team, consisting of Lilian Schwich (CEO), Paul Sabarny (CTO), and Dr. Gideon Schwich (COO), founded the company in 2022 based on extensive research conducted at RWTH Aachen University.
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Industry Overview
The demand for battery recycling is surging alongside the increase in electric vehicle sales, which saw nearly 14 million units sold globally in 2023—a 35% increase compared to the previous year. Projections for 2024 anticipate this figure to rise to 17 millio
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cylib
in 2024
in a Series A deal
Disclosed details
Transaction Size: $60M
Equity Value: $60M