Tozero aims to build Europe's leading lithium-ion battery recycling facility, focusing on the sustainable recovery of critical materials such as lithium and graphite. By reintroducing these materials into the supply chain, the startup aims to support the production of new batteries and promote a circular economy.
With the latest financing of 11 million euros, the total amount of investments made by Tozero raised funds to 17 million euros, including a grant of €2.5 million 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 completed its first investment round. Led by Atlantic Labs, investors Verve Ventures and Possible Ventures invested a total of €3.5 million 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 supply recycled lithium for end products in Europe
Another milestone: In In September 2023, the young company opened its pilot plant for battery recycling. It uses the company's proprietary hydrometallurgical recycling technology to sustainably recover all key materials from lithium-ion batteries. These include lithium, graphite, nickel, cobalt, and manganese. By returning these materials to the local battery supply chain, Tozero closes the battery cycle 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 supply recycled lithium for end products in Europe, while our competitors will be grappling with this issue for many years to come. I'm excited to see what our team will achieve next—we are currently building our FOAK facility." (First-Of-A-Kind, editor's note), but there's so much more we can achieve in the future. We need a global solution as soon as possible, because every moment counts in the fight against the climate crisis. Let's work together to reduce lithium-ion battery waste to zero!
And Shin Nikkuni, Co-founder and Managing Partner of NordicNinja, added:
"Tozero's innovative approach to battery recycling is exactly what Europe needs to secure supply in the global electrification race, and Japan would love to collaborate in this area. Sarah and Ksenija, two exceptional founders, have the expertise and power to transform the landscape for sustainable battery solutions. We look forward to supporting the Tozero team in scaling their technology and commercial operations, contributing to a more sustainable and independent energy future."
