The electric car battery recycler Cylib has gained Porsche and Robert Bosch as investors in a financing round.

The venture capital divisions of the sports car manufacturer and the automotive supplier, together with other investors, have provided a total of 55 million euros, the Aachen-based company, which was founded almost two years ago, announced on Wednesday. The money is to be used to set up recycling plants on an industrial scale.

Her company can recover all elements and can handle not only used complete batteries, but also rejects from battery manufacturers, co-founder and CEO Lilian Schwich told the Reuters news agency in an interview. At the end of the process, which requires less energy and chemicals than the competition, more than 90 percent of all the elements used in a battery are available again in pure form.

Cylib is already generating turnover, but the investments in recycling plants only pay off once they reach a certain size, explained co-founder Gideon Schwich, who is responsible for the company's day-to-day business. The new plant will be built in North Rhine-Westphalia, although there have been numerous inquiries from other countries within and outside Europe. "There was a strong pull towards us."

An electric car battery weighing up to 600 kilograms consists of numerous, sometimes very valuable raw materials such as lithium or copper. Their recovery is not only important from an environmental point of view, but also improves the security of supply. This is because many of the raw materials come from politically unstable regions of the world.

(Report by Hakan Ersen. Edited by Olaf Brenner. If you have any queries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)