Porsche-backed German start-up Cylib breaks ground on battery recycling plant
Technology
Porsche-backed German start-up Cylib breaks ground on battery recycling plant
(Reuters) - German battery recycling start-up Cylib, which counts Porsche and Bosch as backers, broke ground on its first European industrial plant in western Germany, the company said on Monday.
The 236,000-square-foot industrial plant at Chempark Dormagen, between Duesseldorf and Cologne, is set to commence operations in 2026, with a recycling capacity of 30,000 tons of end-of-life batteries per year, according to Cylib.
The facility is set to serve clients from the automotive, battery manufacturing, and chemical industries, and "closes the loop" in the circular value chain in Germany, it said.
"Cylib reaching industrial scale production will be a key driver in building a robust European battery infrastructure," CEO Lilian Schwich said in a statement.
The German start-up announced, in May that it had closed a 55-million-euro ($60.75 million) funding round joined by German industry giants Porsche and Bosch (ROBG.UL).
Battery recycling is key to the European Union as it is set to guarantee a supply of minerals crucial for its green and digital transitions and end its dependence on Chinese supply.
