Bosch Group’s venture capital unit, Bosch Ventures, has made significant investments in Cylib and Li Industries, two battery recycling startups.
Bosch Ventures invested in the $36m funding round for Li Industries, a North Carolina-headquartered company focused on developing next-generation lithium-ion battery recycling technologies. Bosch Ventures co-lead the Series B funding round, together with Khosla Ventures and LG Tech Ventures.
Ingo Ramesohl, managing director, Bosch Ventures said: “In an electrified world, battery recycling makes a significant contribution to conserving natural resources. With our investments, we can help Cylib and Li Industries to scale their production.”
Bosch Ventures’ second investment followed in German startup Cylib’s €55m ($59.8m) round, the largest investment round ever raised by a European battery recycling company. Founded in 2022, the firm offers proprietary technology for the end-to-end recycling of lithium-ion batteries. It has already delivered a successful pilot line and completed projects with automotive OEMs and battery manufacturers.
The round of funding marked the first time in Europe that major investors, such as Bosch Ventures, investors in climate and technology, corporative automotive backgrounds and public investment funds, have joined together to build a consortium to support a battery recycling company. Bosch said this “further signals the breadth of significant stakeholders now dedicated to building a resilient and sustainable battery infrastructure” in Europe.
“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,” said Bosch Ventures’ 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.”
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