Librec has secured 3 million Swiss francs of fresh capital in an oversubscribed funding round according to an article on the startupticker.ch portal. This includes a loan from the Swiss Federal Office for the Environment amounting to 400,000 Swiss francs as well as support from Innosuisse totaling 1 million Swiss francs.
The startup, which is headquartered in Oensingen in the canton of Solothurn has developed a technology for recycling large lithium ion batteries used in electromobility. With this, around 90 percent of the components can be used to manufacture new batteries. Librec CTO Denis Werner explains in the article: “Our technology allows for full recovery at deficient energy demand and thus for a saving of 8.1 metric tons of CO2 per metric ton of recycled batteries against mining and 4.8 metric tons of CO2 against previous recycling technologies such as smelting and pyrolysis.”
Librec now hopes to use the fresh capital to prepare for market launch. The startup plans to begin collecting batteries in January 2022. It expects to have received licenses for building and operation to take on industrial recycling in Switzerland by the end of 2023. As CEO Jodok Reinhardt explained to the Solothurner Zeitung at the start of summer, he plans to build a “national recycling center”. The canton of Solothurn is reported to be the favorite choice for the location.
Related news
Contact us
Can we put you in touch with a peer company or research institute? Do you need any information regarding your strategic expansion to Switzerland's technology and business center?
info@greaterzuricharea.com