Orlen VC, a Polish corporate venture capital fund owned by the energy company Orlen Group, has announced an investment in an advanced platform that enables the reutilisation and recycling of batteries from electric vehicles (13 June).
This platform, developed by a German start-up company, Circunomics, in which Orlen VC has become a “major shareholder,” will play a vital role in reducing the carbon footprint of EVs by up to 50 per cent, Orlen Group said.
Within less than two years, Orlen VC has successfully made eight capital investments, totalling over 150 million złotych (33 million euros), as part of its diverse portfolio, Orlen Group noted.
“We invest in interesting, forward-looking solutions set to enhance our competitive advantages and drive the growth of the combined Orlen Group, with a beneficial impact on the environment,” said Daniel Obajtek, President of the Management Board and CEO of PKN Orlen. “Circular economy technologies, especially in areas such as energy and new mobility, have enormous potential. We can see tangible business gains and environmental benefits they can unlock for us. We have invested in yet another tech company that, with our strategic and capital support, will be able to bring its innovative idea into being for greener use of electric vehicles. Orlen VC’s new investment is fully aligned with the development directions we have adopted and our efforts to achieve carbon neutrality.”
Circunomics’ central aim is to establish a closed-loop ecosystem for electric vehicle (EV) batteries. Co-founded by Felix Wagner and Jan Born, the company has developed an innovative platform to monitor battery condition and sales throughout their lifecycle, ensuring efficient recycling and recovery of rare earth metals like lithium, nickel, and cobalt for the production of new batteries. The company has gained support from industry investors such as Next Mobility Labs venture studio, German recycling company TES, and former AUDI Group executives.
“We are delighted to have partnered with Orlen – a major player in Europe,” said Felix Wagner, CEO of Circunomics. “The Orlen Group is strongly committed to becoming a carbon-neutral business in the future. Circunomics can significantly contribute to achieving this ambition. With the partnership we have secured a source of new capital, but also a deeper insight into the energy and automotive industries, as well as strategic support.”
Circunomics is the sixth start-up in which Orlen VC has invested. In less than two years, Orlen VC has established a portfolio consisting of six technology companies from across Europe and two foreign investment funds, Orlen Group said. This positions Orlen’s corporate venture capital fund among the leading and highly active investment funds in Central and Eastern Europe.
With a focus on “promising companies” that offer innovative and market-ready technologies, Orlen VC aims to make an average of five to six direct investments per year, in line with the ORLEN2030 strategy, the company noted.
