Betteries Charges Up With $2.4 Million Seed Funding to Upcycle EV Batteries

By James White Saturday, April 3, 2021

The electric vehicle (EV) industry has taken off in recent years, as leading car companies like Ford and GM have begun to roll out an array of new EV models to compete with Elon Musk’s Tesla. However, the electrification of personal transportation also creates a stock of batteries no longer suitable for EV use, even though they still possess a large portion of their original capacity. Startup company Betteries recently garnered $2.4 million in seed funding from investors to help its business bring new purpose to used EV batteries.

“This is really about the collaboration and partnership to get us to scale industrially as fast as possible,” said Dr. Rainer Hönig, CEO and founder of Betteries. “We are delighted to jointly move forward with our mission to upcycle batteries in order to avert climate change. Together with such a strong group of investors we can make it happen."

Financing for the startup business was led by investors Factor[e] Ventures and Beyond Black, who focus on sustainable and renewable technology companies and businesses. Other investors in the startup company included ISAR AG and “an undisclosed French family office,” as well as other existing stakeholders. The newly generated capital will be used to break into new markets and launch two upcycled products offered by the second-life battery startup business.

Battery supply concept.

Breathing New Life Into EV Batteries

Founded by Hönig and entrepreneur Ralf Schroeder in 2018, Betteries is taking advantage of the EV industry’s growth by repurposing used batteries, which are often retired after they can not meet the advertised performance of the EV. Though they no longer meet the standards held by the original EV company, the batteries still have plenty of energy to give.

Betteries creates modular power systems using upcycled EV batteries. The startup company provides models for numerous applications, ranging from powering small electric vehicles to providing mobile electricity much like traditional diesel generators. These modules can be charged by hydroelectric, solar, or wind energy sources and provide DC and AC currents for multi-purpose use.

“Energy storage remains a critical pain point in bringing productive energy access to emerging market customers,” said Jit Bhattacharya, Principal with Factor[e] Ventures. “...betteries' technology and approach are a step change in bringing more affordable, longer life energy solutions to the millions of homes and businesses in emerging markets still lacking access to reliable power.”

Rather than selling its modular power systems to users, the startup company offers its products as a service to keep the cost to consumers low and affordable. Betteries aims to cut carbon emissions through the use of its power systems by replacing the need for existing diesel-powered generators. The startup company hopes to negate 1 million tons of CO2 emissions by 2030.

Disrupting the Battery Recycling Industry

Market research expects the global battery recycling market to reach $24.04 billion by 2025. Other companies in the industry, such as Second Life EV Batteries, simply resell used EV batteries and components. Betteries not only recycles batteries, but repurposes them with a circular business model that will benefit from the growth of the EV market as a whole.

About the Author

Headshot of James White

James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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