07 October 2021
Today, EIT InnoEnergy announces its investment in French battery recycling start-up MECAWARE as part of a €2.5 million funding round to accelerate the construction of MECAWARE’s first pilot site, in Lyon, France. The investment comes as one in 12 cars sold across Europe between April and June 2021 ran on batteries alone, with electric vehicle (EV) sales expected to top 1.17m in Europe this year, demonstrating the urgent need for viable, sustainable options to meet battery demand through recycling.
MECAWARE is a start-up specialising in the recycling of technological waste from batteries, with the aim of equipping EVs with recycled batteries by 2025. Through a recently developed extraction process, it recovers critical metals and rare minerals including lithium, cobalt, nickel, manganese, lanthanides in an environmentally friendly way to allow for their industrial reuse. Once complete, the strategic raw materials are returned to the market as "green ingots", with very high levels of efficiency and purity - from 98% to >99.9% - in line with the industrial needs of the sector.
Alongside financial support, EIT InnoEnergy will offer MECAWARE access to its vibrant network of industry players through the European Battery Alliance, universities, as well as existing start-ups in the space – and its various partners in the energy field.
Arnaud Villers d'Arbouet, president of MECAWARE comments: “This fundraising reinforces our position at a time when we are building our first commercial partnerships at the heart of the new generation European battery industry. The backing of EIT InnoEnergy will really help us on our path to pilot project and beyond. We’re thrilled they and other industry players can see the potential in mission.”
Arnaud Villers d'Arbouet, president of MECAWARE
As part of the funding round, MECAWARE has also secured investment from UI Investissement, KREAXI, BNP Paribas Développement, Crédit Agricole Création and the Arts et Métiers Business Angels network, with the support of BPI France and BNP Paribas, the company's historical bank.
Karine Vernier, CEO of EIT InnoEnergy France adds; “Globally, we are running out of time and resources to meet consumer demand for EVs. We know that cars are responsible for 12% of all greenhouse emissions in Europe and through leading the European Battery Alliance, we are pioneering ways to promote a circular economy approach to battery materials. Our proven success in this area means we know together with MECWARE and its other investors we can make a real impact on Europe’s electric vehicle ambitions and allow for greater recycling of key minerals.”
Karine Vernier, CEO of EIT InnoEnergy France