tozero, a Munich, Germany-based sustainable lithium-ion battery recycling company, raised €11M in Seed funding.
The round was led by NordicNinja, with participation from In-Q-Tel (IQT), JGC Group and existing investors including Atlantic Labs, Verve Ventures and Possible Ventures.
The company intends to use the funds to build its first industrial deployment plant, often referred to as a First-Of-A-Kind (FOAK) plant, boosting production of recycled lithium following the first commercial delivery in April by its operational Pilot Plant, and expand the team to support its growth plans.
Founded in 2022 by CEO Sarah Fleischerand CTO Dr. Ksenija Milicevic Neumann, tozero operates a lithium-ion battery recycling plant focused on recovering critical materials such as lithium and graphite in a sustainable way. By reintroducing these materials into the supply chain, it aims to support the creation of new batteries while promoting a circular economy.
The recent funding takes the total raised by tozero to €17 million, including a €2.5 million grant from the European Innovation Council (EIC). Among the notable angel investors are prominent figures from the automotive sector, including Martin Hofmann (CTO, Volta Trucks and former CIO of Volkswagen), Axel Strotbek (former board member, Audi), Jochem Heizmann (former board member, Volkswagen), also from the pioneer in the chemical industry Rudolf Staudigl (former CEO, WackerChemie) and startup icons, such as Maximilian Wühr (CEO, FINN) and Jonas Rieke (COO, Personio), among others.
FinSMEs
12/11/2024