Polish corporate venture capital fund Orlen VC has invested in Circunomics, a German renewable energy company that facilitate the reuse of batteries from electric cars. The details of the deal are undisclosed, MamStartup reports. However, it’s Orlen VC’s eighth startup in the portfolio, which is totaling at over €33.5 million.
- Founded in 2019 by Felix Wagner and Jan Born, Circunomics develops a circular intelligence platform for the battery economy. The platform predicts when batteries become available for reuse or recycling, assessing their circular value and finding the right buyers and recyclers.
- The company establishes scalable digital processes to facilitate millions of batteries into secondary applications and recycling. According to the company, this is 10 times more efficient than current solutions.
- The funds for the project development came from Orlen VC, the leading Polish corporate Orlen Group’s fund. Orlen VC invests in expansion-stage technology companies from Europe and Israel. In general, the fund plans to invest around €100 million over 10 years.
- The plan already manifested in the latest investments in French logistic company Shippeo and Polish chemicals company Apeiron Synthesis.
“We are very excited about our new partnership with ORLEN, one of the most important players in the energy industry in Europe. The ORLEN Group is determined to become a carbon neutral company in the future. Circunomics can make a significant contribution to achieving this goal and making the industry more environmentally friendly in the future. With this partnership, we have not only secured a new source of capital, but also deeper insight into the energy and automotive industries, as well as strategic support,”
Felix Wagner, CEO and co-founder of Circunomics, comments.
