[Funding alert] Lyon-based Mecaware has Secures €40mn in Funding

Read also - London-based Lottie Secures €20 million Series A Round Funding

This fundraising operation carried out with a pool of investors was organised by Crédit Mutuel Innovation and the SPI2 fund managed on behalf of the State of France by Bpifrance as part of the France 2030 initiative.

Read also - Insulation Startup VARM Secures a Seven-Figure Pre-Seed Round of Funding

It was supported by some of MECAWARE’s long-standing investment partners, who thus consolidated their positions: EIT InnoEnergy, UI Investissement, Kreaxi, BNP Paribas Développement, Crédit Agricole Création.

Read also - French SaaS Firm, Scnd” Raises €4 million in Funding

It follows on from the obtainment, at the start of the year, of State subsidies under the France 2030 Plan (ADEME, RRR) awarded to the ScrapCO2MET project in partnership with the companies VERKOR and MTB. This funding should also be supplemented by bank support provided by BNP Paribas, CIC, CERA and Bpifrance.

Read also - German-based Digital Insurtech Startup Getsafe has Acquired the Portfolio of Luko

This funding will enable the industrialisation of the pilot scheme for the recycling of battery production scrap (Gigafactories Scrap – ScrapCO2MET project), which will be operational in 2025.

This tool will produce 50 tonnes of recycled metal per year, in particular, lithium, nickel, cobalt and manganese. To prepare for this development, MECAWARE is finalising the installation of its new Technical Centre on the outskirts of Lyon (Vénissieux). This 1,600m2 site includes offices, an R&D laboratory and a factory building.

Read also - The first demonstrator car from Helixx’s “Factory in a Box” has been presented

MECAWARE is currently focusing on the recycling of end-of-life batteries and production scrap from battery-making factories. Its technology is based on ground-breaking innovation in dynamic combinatorial chemistry.

Arnaud Villers d’Arbouet, Co-Founder and CEO of MECAWARE explains: “MECAWARE is thus deploying a ground-breaking and scalable industrial solution as part of a circular economy approach. It makes it possible to secure supplies of raw materials, enabling the strategic independence of our territories to bolster the energy transition, all in compliance with EU Regulations. Our technological solution addresses the current problems caused by traditional processes.”

Stéphane Simoncini, Director and head of the Deeptech hub at Crédit Mutuel Innovation: “We are proud to support Arnaud and his team in this new phase of their development. MECAWARE’s mission is to support the decarbonisation of transport in a virtuous manner. They are taking the lead in the strategic segment of recycling electric batteries and their metals and building an impressive ecosystem around themselves in the process.”

About MECAWARE

MECAWARE was founded in December 2020. MECAWARE is an industrial company that produces critical metals through recycling technological waste through a disruptive and virtuous chemical process. In particular, we produce lithium, cobalt, nickel and manganese in the form of carbonates or metal hydroxides.

Read also - Ukraine-based Product Development Company Trinetix Raises $10 million in Funding

MECAWARE is currently focusing on the recycling of end-of-life batteries and production scrap from battery-making factories (Gigafactories). The quality and composition of our metal salts satisfy the specifications required by the battery industry; they can thus supply the producers of active materials (pCAM-CAM). We thus contribute to the industrial sovereignty of local areas and to the energy transition with a concrete solution for the circular economy.

Read also - German Climatetech Startup Purpose Green Raises €3.3 million in Funding