Cleantech startup Librec closes funding round to boost closed-loop battery recycling

With the number fo electric vehicles rapidly growing in Europe, so is the number of used batteries. Founded in 2021, the cleantech startup Librec has developed a solution for the recycling of 90% of the raw materials in large lithium-ion batteries—a solution that could make the energy transition more sustainable. In addition to cobalt, lithium, nickel, copper, aluminum, manganese, electrolyte, separator, and all housing components, Librec also wants to be the first company to recover graphite from batteries.

After raising CHF 3 million in a seed round in 2021, the startup now secured another round of funding last November. The exact amount has not been disclosed but is reported to be in the low double-digit millions. Key shareholders include commodities group Aurubis, Lucerne-based Galliker Transport AG, and a Swiss family office that had taken a stake in the first financing round in August 2021.

The German Aurubis is a global leader in copper production with 6,900 employees; it is also Europe's leading recycler of nonferrous metals and operates more than 20 sites globally. In view of the raising demand for metals for e-mobility and digitalization, Aurubis defines recycling as a strategic field for growth and plans for the metallurgical separation of resources recovered by Librec. Together with the logistical competencies and capacities of Galliker Transport AG and the metallurgical expertise of Aurubis, Librec can close the loop and offer an integrated solution from the pick-up of the battery to the return of valuable battery raw materials to its customers.

"With Aurubis and Galliker Transport AG, LIBREC convinced ideal partners for its set-up. Together, we provide a convincing offering to our customers: battery collection, pre-treatment and metallurgical preparation of battery raw materials from one partner and each step performed with highest cost- and material efficiency," said Juerg Steiger, chairman of the board of Librec. 

Librec, which is based in Solothurn, has invested CHF 16 million in the construction of an industrial-capacity recycling plant in Biberist, Solothurn, which is scheduled to become operational in the second half of 2024.

The startup was awarded CHF 50,000 by Venture Kick in 2021. In last year's TOP 100 Public Voting, the company garnered the third spot in the cleantech vertical.


The industrial-capacity plant in Bieberist, Solothurn represents a major investment by Librec and will go operational in the second half of 2024