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- Cling Systems is a Swedish startup, helping companies recycle used electric car batteries.
- They've secured 1.3 million USD in funding.
- Money will go towards scaling up operations to handle greater battery volumes.
What is Cling Systems?
They connect sellers with buyers for recycled electric car batteries. These batteries, while no longer suitable for vehicles, are still viable for alternative uses like stationary storage.
"It's a new industry that is emerging, repurposing, or second life. Electric car batteries are taken in and converted to stationary storage, and there is a will to pay for the batteries," said William Bergh, founder, and CEO of Cling Systems, in an earlier interview with Warp News.
To do this they've built Circular Asset Management (CAM) System, a first-of-its-kind digital infrastructure. The CAM system offers enhanced efficiency for companies needing circular battery operations and maximizes battery value retention through optimal reuse, repurposing, and recycling strategies. It also minimizes risks with its focus on regulatory compliance, traceability, and safe logistics.
Scaling Cling's data and trading infrastructure
The new capital from this fundraising effort will be directed towards scaling Cling's data and trading infrastructure, along with recruitment initiatives. This will enable the team to handle greater battery volumes and expand the scope of their solutions, thereby setting new technical, contractual, and data standards in a burgeoning market.
"With this support, we're expanding our team, actively seeking top talent to drive our global mission for a more sustainable and harmonious world," says William Bergh.
Since its inception, Cling has evolved its platform and technology stack, shifting from a two-sided marketplace business model to a comprehensive system with 395 registered users from 309 companies across 30 countries.
As the end-of-life battery flows increase, Cling plans to extend its solutions in alignment with the EU's New Battery Regulation and the US Inflation Reduction Act.
Founded on a bold vision
Cling Systems was founded with a bold vision to create the world's largest digital mine, as articulated by William Bergh.
"Waste is a raw material in the wrong place," he says. "We want to build the world's largest digital mine."
Improving recycling and reusing materials could lead to having enough resources on the surface, making new mining unnecessary. This is the idea behind William Bergh's term 'digital mine.'