Cleantech startup Librec raises CHF 3 million seed round

The ongoing massive build-up of battery manufacturing capacity and launch of many new models lead to large amounts of manufacturing scrap (10 to 20% in ramp-up), defective test series and recalls. Today, Europe lacks a “closed-loop” recycling capacity of 150’000 tons per year and 360’000 tons by 2025. Additionally, end-of-life battery volumes will reach 150’000 tons per year by 2025 and increase after that.

Incorporated in February 2021 with headquarters in Oensingen (Canton Solothurn, Switzerland) Librec provides world-leading technology for “closed-loop” recycling of large lithium-ion batteries from e-mobility, with all components recoverable by more than 90% and re-used in new batteries. Besides Cobalt, Lithium, Nickel, Copper, Aluminium, Manganese, electrolyte, separator, and all housing components, Librec will be the first to recover valuable graphite from batteries. Residual energy from batteries covers one-third of the required process energy.

“Our technology allows for full recovery at very low energy demand and thus for a saving of 8.1 tons CO2 per ton of recycled batteries against mining and 4.8tons CO2 against previous recycling technologies such as smelting and pyrolysis”, says Librec CTO Denis Werner.

Librec’s integrated recycling centres provide all services for defective and end-of-life batteries, including the collection of batteries and cars, testing and re-use of batteries in ‘second life’ applications, as well as removal from car, repair, discharge, dismantling and “closed-loop” recycling. The integration avoids dangerous and expensive battery transportation, and a centre economically clears a circular area of about 600km diameter. With full recovery of all components, Librec centres operate at 40% lower cost than any other set-up.

Fresh capital to prepare for Swiss launch
The raised capital allows Librec to start battery collection in Switzerland by the first of January 2022, finalize R&D and machinery specifications, and get building and operating permits to start industrial recycling in Switzerland by the end of 2023. To make the industrial equipment and to prepare five international sites, Librec plans for series A over CHF 30mio by mid of 2022. The capital includes a CHF 2.6 million equity investment, a 400k loan from the Federal Office for the Environment and a CHF 1 million grant from Innosuisse to finalize process technology and implement unmatched recovery of all components of more than 90%.

CEO Jodok Reinhardt is convinced that “with our compelling technology and aligned interests from our investors, the Federal Office for the Environment, Innosuisse, Swiss e-Mobility, EMPA, Berne University of Applied Sciences and our first customers, ingredients and timing are just right to hit the growth path.”

(Press release/RAN)