Paris-based Bib Batteries, a startup specialising in the management of batteries throughout their lifecycle, announced on Tuesday that it has secured €2.2M in funding from Family Ventures.
Others, including NextGear Ventures, SuperCapital, Wendel Family Office, and Techstars Paris, also participated.
The French company will use the funds to accelerate its mission of extending the lifecycle of batteries from their initial use in electric vehicles through to their second life (repair, reuse, or recycling).
‘Thanks to this round of funding, we will be able to roll out our battery monitoring and management technology on a large scale, giving our customers the tools they need to extend the life of their batteries in their first life and allocate them in their second life,” says Pierre-Amans Lapeyre, CEO of Bib batteries.
Bib Batteries: Sustainable management of EV batteries
In the next decade, Europe will face the challenge of managing 100 million electric vehicle batteries reaching the end of their life, representing 40 per cent of a vehicle’s price and emitting between 3 and 10 tonnes of CO2 equivalent.
“The battery sector is still in its infancy, with few standards in force. For example, unlike a telephone, it’s impossible to know the state of health of a vehicle battery with just a few clicks. That’s why we’ve developed an algorithm to provide reliable information on the condition of batteries throughout their use,’ says Martin Vaz, CTO of Bib batteries.
Founded in 2021, Bib Batteries specialises in the sustainable management of electric vehicle batteries.
The French company has developed an advanced technology that enables them to monitor the health of their batteries in real-time, without the need to install any additional equipment.
This proactive monitoring not only extends the life of batteries but also anticipates their second life, maximising their economic value.
By guaranteeing transparency on the state of health of batteries and offering reuse, repair, and recycling solutions, the company aims to develop the circularity of batteries while offering an economically viable solution.
Since its inception, Bib Batteries has tracked more than 40,000 batteries on its platform, saving 2,000 tonnes of CO2 through repair and reuse solutions.
The investor
Family Ventures is a group of committed investors, led by Christophe de Lussac and David Chapon, who invest in innovative startups with high potential.
Family Ventures invests mainly in seed and series A in the fields of energy, economic, and societal transition.
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