Cylib, a German lithium-ion battery recycling company, raised EUR 3.6 million (~USD 3.55 million) in a seed funding round led by Vsquared Ventures and Speedinvest. Investors, including Lawrence Leuchner (member of Blue Impact Ventures), Kai Hansen (founder of online food ordering app Lieferando), and Torge Thonnessen and Leopold Konig (founders of Customcells) also participated in the round.

The funds will be used to construct a pilot plant in Aachen, Germany. The company also reported that it is currently in talks with several companies, including automotive original equipment manufacturers (OEMs), battery cell manufacturers, and raw material providers to set up strategic partnerships. 

Founded in 2022, Cylib is a spinoff from the RWTH Aachen University that has developed an end-to-end hydrometallurgical recycling process for the recovery of valuable battery materials from lithium-ion batteries. The company claims that its process has up to a 90% recycling efficiency, and can reuse CO2 emissions from the recycling process for the recovery of lithium and graphite, compared to conventional recycling processes.