The startup charges manufacturers and recyclers to use its machines and software. It recently secured about $4.8 million in equity financing led by BonVenture, in addition to around $4.2 million in earlier grants from the European Innovation Council Accelerator. The funding will be used to scale its machine-as-a-service business model and to build the world's largest repository of battery recycling data.
Key takeaways:
- Circu Li-ion's upcycling machine can diagnose batteries in seconds and determine which cells can be reused, saving usable battery cells from shredders.
- The machine identifies batteries by their appearance, separates cells from other materials, and determines the cells’ states of health. Cells in good condition might be used in mobility, while others might store renewable energy.
- Circu Li-ion charges manufacturers and recyclers to use its machines and software, and operates a facility in Karlsruhe, Germany, where it disassembles batteries.
- The startup recently secured about $4.8 million in equity financing led by BonVenture, and intends to use the funding to scale its machine-as-a-service business model and build the “world’s largest” repository of battery recycling data.