VoltR, a French manufacturer of sustainable lithium batteries, announced it had raised €4 million to industrialize its processes. This seed funding round included investments from C4 Ventures, Exergon, Pays de la Loire Participations, Anjou Amorçage, and others.
VoltR will continue to develop its pilot plant, industrialize its refurbishment processes, invest in more R&D, and recruit more talent. A Series A funding round of several tens of millions of euros has already been launched and is expected to close by Q4 of 2024.
The transition of the energy and industrial sectors and it is driving growing demand for batteries. But since raw materials like lithium are required to produce them, this demand also leads to considerable energy and water consumption. The carbon footprint generated by producing a classical battery is much greater than a refurbed product. That’s why VoltR’s mission is to maximize the value of batteries by putting them to new uses.
Launched in 2022, VoltR has developed technologies and processes based on artificial intelligence for characterising, reallocating and reproducing batteries. And VoltR manufactures batteries for a variety of applications from used products that retain 80% of their storage capacity on average. Meeting the same quality and capacity expectations as new batteries, their performance sometimes exceeds that of new products.
VoltR raised a total of €2 million in seed capital. And the startup received support from C4 Ventures, Exergon, and others. And VoltR has also received funding from Pays de la Loire Participations and Anjou Amorçage and has secured a further €2 million as a combination of debt and grants.
KEY QUOTE:
“Our aim is to build a European circular economy for lithium batteries in order to minimize their environmental impact. The largest lithium deposit is not buried within mines, but rather found in our homes.”
– Alban Regnier, President and founder of VoltR
