Lithium-Ion Battery recycling start-up BatX Energies Pvt. Ltd., raised $1.6 million (about Rs 13 Crores) in seed funding round led by JITO Angel Network.
The investment will expand the start-up’s footprints in the Indian and International markets. With a key focus on investment towards advanced R&D for producing battery-grade materials, scaling up their capacity, and setting up micro facilities (spokes) across the country, the company aims to source and process locally. Through this it will also bring about an increase in job opportunities and a skilled workforce in the electronic waste management sector, according to the statement.
With this investment round, BatX Energies will establish a commercial-scale rare earth battery materials extraction plant integrated with AI and attain leadership position in India, a statement said.
“BatX Energies’ goal of creating a circular economy and promoting the ethos of sustainability strongly resonates with our own beliefs. We view the company as champions in green-tech solutions that would bolster global green energy transition. We are proud to associate with the company whose solutions have the potential to substantially reduce the cost of Lithium-ion batteries for use in electric vehicles (EVs),” said JITO Angel Network Vice Chairman Sunil Kumar Singhvi. “Solutions like these and support of investors in the field can greatly accelerate EV adoption and reduce dependency on imported Lithium-ion in the country, given the fact that India does not have reserves of rare metals like Lithium, Cobalt, Nickel and Manganese.”
Expressing his gratitude towards the investors, Utkarsh Singh, Co-Founder, and CEO, BatX Energies, said, “We are a team of green-tech enthusiasts dedicated to creating a circular economic and domestic supply chain of these Rare Earth metals for the production of affordable EVs. As India doesn’t have Lithium Cobalt, Nickel and Manganese as natural resources, recycling used Lithium-Ion batteries is the only way to produce them in India. These materials can be used infinitely in a closed loop. It is also our team’s driving force and motto “Beyond Limitations”. The cost of recycled material is far lower than mined material with greater environmental benefits. We are fortunate to have received a lot of interest from various countries for our economically viable solution and machinery; thus opening our routes for organic global expansion. We are also committed to achieve the United Nation SDGs 7, 11, 12, 13 and 15. BatX Energies will invest up to $50 million over the next 24 months in setting up our recycling units in different geographies.”
“With this investment, we plan to fill the demand and supply gap of Lithium, Cobalt, Nickel and Manganese in the EV industry reducing carbon emissions, for which we are constantly enhancing our technology and processes to treat all kind of Lithium batteries circulated in the global market,” added Vikrant Singh, Co-Founder and CTO, BatX Energies.
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