Bosch Ventures boosts battery recycling with strategic investments in Cylib and Li Industries

Bosch Ventures, the corporate venture capital arm of the Bosch Group, has announced significant investments in the battery recycling sector, marking a substantial step towards sustainable technology development. Within a week, Bosch Ventures has invested in two pioneering companies, Cylib and Li Industries, aiming to enhance the recycling of lithium-ion batteries and conserve natural resources.

Dr. Ingo Ramesohl, Managing Director of Bosch Ventures, emphasised the importance of battery recycling in today's electrified world. "Battery recycling plays a crucial role in conserving natural resources," Ramesohl stated. "Our investments in Cylib and Li Industries will help these companies scale their production and address environmental challenges."

Cylib: leading the way in Europe

Founded in 2022, Cylib has quickly established itself as a leader in the battery recycling industry. The company’s proprietary technology offers an efficient and climate-friendly process for recovering essential raw materials from lithium-ion batteries. These materials include lithium, graphite, nickel, cobalt, and manganese, which are recovered from battery packs, black mass, or production scraps.

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Lilian Schwich, CEO of Cylib, highlighted the impact of the recent funding round. "The funding will enable us to expand and deepen collaborations as we grow our next-generation battery recycling at an industrial scale," Schwich explained. Bosch Ventures joined this oversubscribed funding round, positioning Cylib to become Europe’s primary battery recycler.

Significant stakeholders unite

The investment in Cylib marks a landmark moment in Europe, as major investors from climate tech, corporate automotive, and industry backgrounds, along with public investment funds, have formed a consortium to support a battery recycling company. This collaboration indicates the growing commitment of diverse stakeholders to building a sustainable battery infrastructure in Europe.

Meeting rising demand for battery recycling

The demand for battery recycling is surging, driven by the rapid growth of battery-powered electric vehicles, eBikes, power tools, and household appliances. The EU has classified materials inside EV batteries as strategic critical raw materials and has implemented stringent recycling regulations. Cylib's market-leading process enables battery producers, automotive OEMs, and other companies in the battery value chain to recycle components locally and meet these regulatory requirements.

Li Industries: a US innovation leader

Shortly after investing in Cylib, Bosch Ventures co-led a $36 million Series B funding round for Li Industries, a US-based direct recycler. Li Industries focuses on economically and sustainably recycling low/no cobalt batteries, such as Lithium Iron Phosphate (LFP) batteries, using their unique Direct E2E™ recycling technology.

Dr. Zheng Li, co-founder and CEO of Li Industries, expressed excitement about the investment. "We are thrilled to be backed by such a strong group of investors," Li said. Bosch Ventures' investment underscores its commitment to pioneering technologies that promise substantial market growth and address pressing environmental challenges.

Bosch ventures' commitment to sustainability

Dr. Ramesohl reiterated Bosch Ventures' dedication to sustainable innovation. "Our investments in cutting-edge battery recycling startups highlight our commitment to technologies that offer market growth and environmental solutions," he stated. "We are proud to support and connect companies from different geographies in this vital industry."

Bosch Ventures' strategic investments in Cylib and Li Industries demonstrate a strong commitment to advancing battery recycling technologies and building a sustainable future. By supporting these innovative companies, Bosch Ventures is helping to address one of the most pressing environmental challenges of our time, while fostering growth in the battery recycling sector.