Luxembourg-based Circu Li-ion, a pioneering battery recycling startup, has successfully secured €8.5 million in seed funding, marking a significant milestone in its mission to enhance the sustainability of battery materials.
The seed financing round, consisting of €4.5 million in equity, was spearheaded by BonVenture, renowned for its investments in innovative startups such as Aaron.ai and Resourcify. Additionally, it witnessed substantial support from an undisclosed consortium of experts in the fields of batteries, artificial intelligence, and industry, along with active involvement from the company's own leadership.
This investment is further bolstered by €4 million in grants from the European Innovation Council Accelerator (EICA) and key partnerships with recycling companies and original equipment manufacturers (OEMs).
Circu Li-ion plans to allocate these funds toward advancing its AI-powered battery upcycling solution, streamlining battery recycling processes, and establishing the world's most extensive battery recycling data repository. Their goal is to revolutionize material management and recycling practices.
Furthermore, the startup intends to strengthen its collaborations with leading OEMs and recycling firms to establish a truly circular battery value chain, a crucial development in the midst of the rapidly expanding electric vehicle (EV) battery market.
In addition, Circu Li-ion is set to expand its primary production facility located near Karlsruhe, Germany, to a substantial 2,000 square meters, while concurrently growing its satellite office in Berlin.
Founded in 2021 by Antoine Welter and Xavier Kohll, Circu Li-ion is dedicated to enhancing battery value and environmental sustainability. The company specializes in automating and scaling the disassembly of batteries and diagnosing battery cells, resulting in more cost-effective and eco-friendly recycling. Their innovative solutions are utilized by prominent players in sectors such as electric vehicles, micro-mobility, power tools, energy storage systems, and recycling.
Circu Li-ion's pioneering approach enables used batteries to have a second life through upcycling, a process that not only saves money but also benefits the environment. By implementing cutting-edge AI technology, the company aims to elevate battery sorting standards and introduce an intelligent sorting system, enhancing precision and efficiency while reducing sorting times and maximizing the recovery of valuable materials.
Antoine Welter, CEO & Co-Founder of Circu Li-ion, expressed his enthusiasm for the development, emphasizing their commitment to sustainable battery recycling. He highlighted the importance of their talented team and their plans to double its current size of 34 employees within the next year.
Xavier Kohll, CTO & Co-Founder of Circu Li-ion, highlighted the company's agility and adaptability in response to the rapidly changing battery market. He emphasized the need for flexible solutions that open new possibilities for cleaner battery recycling.
Nikolaj Klebert, Investment Manager at BonVenture, commended Circu Li-ion for its innovative contributions to the battery recycling industry, addressing the current destruction of value with a technically sophisticated and highly innovative solution. The investment from BonVenture reflects their confidence in Circu Li-ion's pioneering approach.
With this significant funding, Circu Li-ion is poised to further advance its mission of transforming battery recycling and bolstering the sustainability of energy storage materials, contributing to a cleaner and more efficient future.