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Tozero launched in Munich two years ago with a low-carbon way to extract lithium from battery waste streams. The “hydrometallurgy” process, which extracts metals from solid materials in water, cuts emissions by roughly 70% compared to conventional lithium mining (for context, see “Battery recyclers are raising money and ramping up for retired EVs”).
“Tozero’s innovative approach to battery recycling is exactly what Europe needs to secure key supplies in the global electrification race,” said Shin Nikkuni of NordicNinja, which led Tozero’s nearly $12 million Series A round.
Participating investors include Japanese auto giant Honda, Atlantic Labs, Verve Ventures and Possible Ventures. Tozero has raised €17 million ($18 million) since 2022.
Localizing lithium
Global demand for lithium, for lithium-ion batteries and other industrial uses, is expected to quadruple by 2030. Prices have fallen by more than 80% for the soft and silvery-white metal since late 2022 due to a slowdown in electric vehicle sales and excess supply from China. Startups in Europe, which gets virtually all of its lithium from China, are building sustainable and circular lithium supply chains.
Commercial scale
Tozero made its first recycled lithium delivery earlier this year, says co-founder Sarah Fleischer. Tozero will use the investment to build its first industrial deployment plant to scale up production for recycled lithium. It expects to process at least 30,000 metric tons of lithium-ion battery waste annually by 2026.
