As demand for lithium explodes, battery recycling startup Tozero sprints to scale with $11.7M seed
Tozero, a Munich-based startup that recovers valuable raw materials from recycled lithium-ion batteries, is gearing up to scale. The startup just closed an oversubscribed €11 million seed round (around $11.7M) to step up production by building its first industrial deployment (A.K.A first-of-a-kind or FOAK) plant.
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Currently, Tozero’s pilot plant processes nine tonnes of lithium-ion battery waste per day, but the startup is shooting for unlimited capacity in what it hopes will be just another couple of years of scaling its business.
“Other competitors raise way more money to get to industrial plant. But as our process and our technology is so lean and efficient we don’t require more to get to our first industrial deployment, or what the investor world would call the ‘first of a kind’ plant. That’s what we’re aiming to build,” co-founder and CEO Sarah Fleischer (pictured above, left) told TechCrunch.
Once Tozero’s process hits industrial pace and functionality, the startup says there will be no hard limits on what it can achieve in battery recycling as long as it can keep accessing waste streams.
“The purpose of the FOAK is really to enter the proper continuous production — manufacturing — of the product,” co-founder and managing director, Dr. Ksenija Milicevic Neumann, added.
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