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Recycling renewable waste: State of play

Jun 15, 2023
Illustration of an overhead projector illuminating a square that says State of Play

Illustration: Natalie Peeples/Axios

Last updated June 7, 2023

The inevitable waste generated by the green energy industry has investors taking notice of the companies recycling, and improving the longevity of, products associated with the wind, solar and electric vehicle sectors. Deals that have occurred since January 2023 include:

  • Voltfang, a German energy storage company, raised €5 million in capital. PropTech1 Ventures led, accompanied by Helen Ventures, Aurum Impact, Eviny and AENU.
  • Cyclic Materials, a Canadian metals recycling company, raised $27 million in Series A financing led by Energy Impact Partners and BMW i Ventures, along with Fifth Wall, Bioindustrial Innovation Canada and Planetary Technologies.
  • Nth Cycle, a Beverly, Mass.-based metals-refining company, raised $20 million toward a $50 million Series B round, with 12 investors involved, according to a filing with the Securities and Exchange Commission.
  • Solarcycle, an Odessa, Texas-based solar sustainability company, raised $30 million in Series A funding led by Fifth Wall and HG Ventures, with participation from Alok Sindher, Prologis Ventures, Urban Innovation Fund and Closed Loop Partners.
  • Metastable Materials, an Indian lithium ion-recycling company, secured an undisclosed amount of seed funding. The funding round was led by Surge and Sequoia Capital India.
  • Green Li-ion, a Singapore-based company that develops technology to improve the longevity of batteries, raised $20.5 million in Pre-Series B funding. TRIREC led, and was joined by Banpu NEXT and Equinor Ventures.
  • Li-Cycle, a Canadian lithium-ion battery recycler, secured a conditional $375 million loan from the Department of Energy. Li-Cycle went public in 2021 through a SPAC after receiving investments from Glencore, Koch Strategic Platforms and LG Chem.
  • Cylib, a battery recycling company that spun off from RWTH Aachen University, increased its seed funding to €11.6 million.
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