Tozero has set itself the goal of building Europe’s leading recycling facility for lithium-ion batteries, with a focus on sustainable recovery of critical materials such as lithium and graphite. By reintroducing these materials into the supply chain, the startup wants to support the manufacture of new batteries and promote a circular economy.
With the latest financing of 11 million euros, the total amount of funds raised by Tozero increases to 17 million euros, including a grant of 2.5 million euros from the European Innovation Council (EIC).
The Munich-based company was founded in July 2022 by Sarah Fleischer and Ksenija Milicevic Neumann. Just two months after its founding, the startup already completed its first investment round. Led by Atlantic Labs, investors Verve Ventures and Possible Ventures invested a total of 3.5 million euros in the startup. Business angels such as Jonas Rieke, co-founder and COO of Personio, and Maximilian Wühr, CEO and co-founder of Finn, as well as former VW board member Jochem Heizmann also participated in the round.
Tozero is the first company to deliver recycled lithium for end products in Europe
Another milestone: In September 2023, the young company opened its pilot facility for battery recycling. It uses the company’s proprietary hydrometallurgical recycling technology to sustainably recover all important materials from lithium-ion batteries. These include not only lithium but also graphite, nickel, cobalt and manganese. By returning these materials to the local battery supply chain, Tozero closes the battery loop in Europe. Sarah Fleischer, co-founder & CEO of Tozero, says:
“Despite our limited resources as a two-year-old startup, we have already made history by being the first to deliver recycled lithium for end products in Europe, while our competitors will be dealing with this topic for many years to come. I’m excited to see what our team will achieve next – we’re currently building our FOAK facility (First-Of-A-Kind, ed. note), but there’s still so much more we can achieve in the future. We need a global solution as quickly as possible, because in the fight against the climate crisis, every moment counts. Let’s work together to bring lithium-ion battery waste down to zero!”
And Shin Nikkuni, co-founder and managing partner of NordicNinja, adds:
“Tozero’s innovative approach to battery recycling is exactly what Europe needs to secure supply in the global electrification race, and Japan would like to collaborate in this area. Sarah and Ksenija, two extraordinary founders, have the know-how and drive to transform the landscape for sustainable battery solutions. We look forward to supporting the Tozero team in scaling its technology and commercial operations, and to contributing to a more sustainable and independent energy future.”
