tozero: Europe's First Battery Recycler Seals €11M Seed Funding
Deal News | Nov 12, 2024 | JB Nordic Ventures Oy
tozero, Europe's pioneering battery recycler, has secured €11 million in seed funding led by NordicNinja Ventures to expand its recycled lithium production capacity. Founded by Sarah Fleischer and Dr. Ksenija Milicevic Neumann, the company uses a proprietary recycling technique that recovers critical materials from lithium-ion battery waste, reducing emissions by about 70% compared to traditional mining. This round of funding allows tozero to establish its first industrial deployment plant to scale commercial production of recycled lithium. As global lithium demand is expected to quadruple by 2030, tozero's solution is aimed at closing Europe's lithium supply gap, which currently relies heavily on imports from China. The funding round also saw participation from In-Q-Tel, Honda, and JGC Group, among others, and follows the company's initial €2.5 million grant from the European Innovation Council. tozero plans to process 30,000 tonnes of battery waste annually by 2026 and aims to lead Europe's transition towards sustainable battery solutions.
Sectors
- Battery Recycling
- Renewable Energy
Geography
- Europe – tozero is based in Europe and aims to supply recycled lithium across the continent, reducing dependence on imports from China.
Industry
- Battery Recycling – The article revolves around tozero's lithium battery recycling technology, addressing the need for sustainable solutions in the face of growing lithium demand.
- Renewable Energy – Recycled lithium is crucial for EVs and large-scale renewable energy batteries, highlighting the renewable energy sector's reliance on sustainably sourced materials.
Financials
- 11 million euros – The total seed funding secured by tozero in this round.
- 17 million euros – The total amount raised by tozero including previous grants and investments.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| tozero | Target company | Company | A European pioneer in lithium battery recycling, aiming to meet growing demand with sustainable solutions. |
| NordicNinja | Lead Investor | Company | A venture capital firm leading the €11 million seed funding round for tozero. |
| Sarah Fleischer | Co-founder and CEO | Person | CEO of tozero, with a background in mechanical engineering and entrepreneurship. |
| Dr. Ksenija Milicevic Neumann | Co-founder and CTO | Person | CTO of tozero, a metallurgy expert focused on battery recycling technology. |
| In-Q-Tel | Investor | Company | New investor in tozero, joining the seed funding round. |
| Honda | Investor | Company | Automotive giant investing in tozero's seed funding round. |
| JGC Group | Investor | Company | A global infrastructure engineering company participating in the funding round. |
| Atlantic Labs | Existing Investor | Company | An existing investor that increased its stake in tozero. |