Brownfield facilities refer to pieces of land that house industrial sites that have been developed specifically for this purpose, but have since been abandoned.

As per Electrive, Cylib is a startup specialized in recycling lithium-ion batteries and company officials claim that they have already completed projects with European and Asian car manufacturers, as well as battery makers at small scale. The company currently operates a pilot-scale recycling line in Aachen, which has been functional since September 2023 and has a processing capacity of 500 kilograms of batteries.

The recently-raised 55 million euros will be used to scale up recycling capacity, as well as to expand the team of experts. Porsche Ventures and Bosch Ventures are among the more notable investors.

Lilian Schwich, CEO of Cylib, said that "the funding round we announced today will empower us to embark on our next phase of expansion and deepen existing collaborations, as we grow our next-generation battery recycling at an industrial scale. The past year-and-a-half has been a truly remarkable journey of growth, and we are immensely grateful for the trust of our partners and the successful projects we have conducted together."

Patrick Huke, Partner and Head of Porsche Ventures, added that "Cylib is a perfect example of how leading scientific research can be commercialized at a rapid pace."

The company's proprietary recycling solution is already being used by several OEMs and battery manufacturers.