Cirba Solutions, a provider of end-to-end battery recycling management solutions, received a $50 million minority investment from Tokyo-based Marubeni Corporation.
Cirba says this investment further supports its ongoing efforts to rapidly expand its operational footprint, addressing the market’s needs to create a sustainable closed-loop battery materials supply chain.
The company provides end-of-life lithium-ion batteries, cross-chemistry batteries recycling services, and technology solutions to corporations, governments, municipalities, and households in North America. From battery collection and processing to critical material extraction and supply, the company says it provides a full range of circular services that feed back into the production process.
With new funds, Cirba Solutions intends to expand its battery collection network through joint efforts with The Heritage Group, the company’s majority owner and manager of environmental services.
“We are pleased to partner with Cirba Solutions and The Heritage Group to expand our Metals & Mineral Resources Division with a focus on a circular supply chain for critical metals,” says Daisuke Tsuchiya, Chief Operating Officer of the Metals & Mineral Resources Division at Marubeni Corporation. “This is a critical investment for Marubeni as Cirba Solutions’ circular business aligns with our core Green Strategy. Metals & Mineral Resources Div. has been committing world-leading efforts to promote greener operations via adopting renewable energy, automation, and electrification.”
“Having Marubeni as a partner on our journey is of great strategic value,” says David Klanecky, President & CEO of Cirba Solutions. “Marubeni is engaged in various businesses across the supply chain in the lithium-ion battery market, from materials supply to logistical coordination, and we are excited to partner with them to support that market and share the vision for a circular economy.”
The Marubeni latest investment adds to the previously announced company’s $245 million funding from EQT Infrastructure and over $82 million received from two recent U.S. Department of Energy grants under the Bipartisan Infrastructure Law.
According to Mercom’s Annual And Q4 2022 Funding and M&A Report for Storage, Grid & Efficiency, Three Battery Recycling companies raised $549 million in Q4 2022, compared to $57 million in two deals in Q3 2022.