Circunomics receives millions in financing
In fact, GET Fund from Munich and Schaeffler – more precisely the investment company Schaeffler Invest GmbH – led the financing round, as Circunomics announced. Circunomics’ existing investors, namely the Polish mineral oil and energy group Orlen and investor GG Rise (Düsseldorf), are also involved in the financing round.
The Mainz-based startup intends to use the capital to drive forward its internationalisation and product development with new digital services. Circunomics offers a battery lifecycle management solution with a digital marketplace and AI-supported analyses that considers the entire battery lifecycle. That means the focus is on B2B trading of used or surplus batteries, modules and cells on a digital marketplace and transferring energy storage systems from first-life to second-life use.
B2B marketplace for used batteries
The AI-supported software from Circunomics enables a detailed analysis of the respective state of health (SoH) of the batteries and, using a digital twin “to simulate which second-life applications best suit their performance potential.” If the software concludes that further use of the battery, for example, in a stationary storage facility, is sensible and safe, the battery is offered for this purpose. However, if it cannot be reused due to its condition, the battery is passed on to “qualified recycling companies.”
Numerous recent studies have shown that electric car batteries last longer than often predicted, especially with sophisticated battery management, so the market for used batteries is still manageable. However, the number of electric cars on the roads is growing every day – and at some point, whether after eight, ten or twelve years, these vehicles will reach the end of their useful life. Then, the vehicle will be at the end of its life, but the battery will not, thanks to its long service life.
“The challenges and future potential for Circunomics are immense: globally, by 2030, the automotive sector alone is expected to generate five to six million used vehicle batteries annually that will reach the end of their lifecycle,” says Felix Wagner, Co-Founder and Managing Director of Circunomics. “Through our independent digital marketplace and detailed analytics, we aim to strongly contribute to bringing battery packs, modules, and cells into a meaningful, sustainable, and comprehensive circular economy. This reduces the carbon footprint for the benefit of the environment and decreases the use of rare, valuable materials. This also significantly optimises cost structures for companies.”
In other words, if a manufacturer does not consistently pursue the marketing potential of the batteries from its electric cars, it could miss out on high revenues – potentially billions of euros every year in the future. This money could then help make electric mobility more affordable.
“We now have the resources to expand internationally and firmly establish ourselves as a global company,” says Wagner. “This successful Series A financing round opens up numerous opportunities to continue our business, drive growth, and ensure a sustainable circular economy.” Jan Born, Co-Founder and CTO, comments: “In parallel with internationalisation, we are working intensively on expanding our product offerings, which will include new digital services in the future.”
With this development and market perspective, Circunomics has also convinced GET Fund, a venture capital company that supports startups across Europe with green technologies in the fields of energy, mobility and industry for a sustainable future.
“Circunomics offers a valuable solution for both the transition to electromobility and renewable energy adoption,” says Julian Klaiber, Principal at GET Fund. “While one sector will face a significant supply of end-of-life batteries, the other requires storage and balancing capacities. We are excited to support a team and innovation that bridges both sectors, creating an added value chain and economic advantages for customers.”
“We are excited to begin this partnership with Circunomics. Together with the Mainz-based startup, we aim to contribute to sustainable battery utilisation. We see great potential in Circunomics’ lifecycle management and digital marketplace for used batteries, particularly for electromobility and other industrial applications,” says Jens Schüler, Board Member of Vehicle Lifetime Solutions at Schaeffler AG. The automotive supplier has a large after-sales organisation, so there is potential for collaboration.
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