A Porsche-backed startup is building a massive battery recycling plant to boost Europe's EV industry

Cylib, a startup backed by luxury sports car firm Porsche and appliances maker Bosch, is building a massive battery recycling facility in Germany.

Cylib said the facility is focused on the electric vehicle industry and, upon completion, will have capacity to recycle 30,000 metric tons of end-of-life batteries every year.

Cylib says its facility will be the largest end-to-end lithium-ion battery recycling facility in Europe. Recycled batteries produced by Cylib's new facility are expected to be used by Porsche, which invested in the startup as part of a 55-million-euro funding round, a source familiar with the matter told CNBC.

Earlier this year, the firm raised 55 million euros of financing from investors including climate-focused venture capital firm World Fund, Porsche Ventures, Bosch, and DeepTech&Climate Fonds.

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