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tozero, a Munich-based lithium battery recycling startup, has secured €11 million in an oversubscribed seed funding round led by NordicNinja, with participation from Honda, In-Q-Tel (IQT), and JGC Group. Existing investors Atlantic Labs, Verve Ventures, and Possible Ventures also contributed. The funding will support the construction of tozero's first industrial-scale plant, following their recent commercial success in lithium recycling.
Founded two years ago, tozero addresses Europe's need for sustainable lithium supply amid growing global demand. With the EU’s Battery Directive mandating that 80% of lithium must be recycled by 2031, tozero’s mission aligns with both regulatory and industry needs. Lithium demand is expected to quadruple by 2030 due to the expansion of electric vehicles and large-scale renewable energy storage.
tozero’s approach involves recovering high-purity lithium from battery waste, reducing dependency on mining and providing a local, sustainable supply. In April, tozero delivered its first batch of recycled lithium to commercial clients, a European first for a two-year-old startup. The company has also achieved the EU's 80% recovery target in a pilot project involving prominent industry players BMW, MAN, and Webasto, demonstrating the commercial viability of its methods.
CEO Sarah Fleischer expressed optimism for the company’s impact, stating, “Our rockstar team is establishing Europe’s first plant for recycled lithium, and together, we’re taking meaningful steps to combat the climate crisis.” NordicNinja’s Co-Founder Shin Nikkuni emphasized the strategic value of tozero’s innovation for European and global sustainability goals, stating, “tozero’s approach addresses a crucial need in the electrification race, and we’re thrilled to support their vision.”
The funding takes tozero’s total capital raised to €17 million, including a €2.5 million grant from the European Innovation Council (EIC), marking a significant milestone for the company and its goal of reducing battery waste through advanced recycling solutions.
