Circu Li-ion, a battery recycling startup, raised €8.5 million (~$9 million) in seed funding. The funding includes €4.5 million (~$4.8 million) in equity, which was led by BonVenture, and additional backing from an undisclosed investor. The investment is complemented by €4 million (~$4.2 million) in grants from the EICA (European Innovation Council Accelerator) and collaborations with recyclers and OEMs.
The funding will be utilized to expand the company’s AI-driven battery upcycling solution and develop a battery recycling data repository.
The secured grants will be utilized to forge and expand collaborations with EV OEMs and recyclers, ensuring the integration of a circular approach in battery manufacturing, usage, and end-of-life processing while pushing for sustainable practices throughout the battery lifecycle.
Antoine Welter – CEO & Co-Founder Circu Li-ion: “We’re happy to double down on our development speed, turning this fresh funding into smarter, data-focused solutions that make battery recycling economically and ecologically viable for everyone. For this, the key is a great team – we will further invest in our team and double our size of currently 34 colleagues within the next twelve months.”
According to Mercom’s recently released 9M And Q3 2023 Funding and M&A Report for Storage & Smart Grid, VC funding in Energy Storage in 9M 2023 was up by 115% YoY with $8.6 billion in 68 deals compared to $4 billion in 74 deals in 9M 2022. Li-based battery companies received the most VC funding in 9M 2023, followed by Battery Recycling companies.
Earlier this month, Australian battery recycling startup Renewable Metals closed an A$8 million (~$5 million) investment round to scale and commercialize its lithium-ion battery recycling technology. The funding was led by Asia Pacific-based venture capital firm Investible via its early-stage Climate Tech Fund, with additional participation from the U.S.-based venture capital investor, the Grantham Foundation for the Protection of the Environment, and CEFC.