The company also plans to invest in commercial research and development for the production of pCAM (precursor cathode active materials) from recycled battery minerals.
19 Dec 2023 | 3103 Views | By Autocar Pro News Desk
BatX Energies, a lithium-ion (Li-ion) battery recycling startup in India, has secured US$ 5 million in a pre-series A funding round. The funding was led by Zephyr Peacock, with participation from Lets Venture and existing investors, including the JITO Angel Network and the family offices of Mankind Pharma, Excel Industries, ...
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BatX Energies, a lithium-ion (Li-ion) battery recycling startup in India, has secured US$ 5 million in a pre-series A funding round. The funding was led by Zephyr Peacock, with participation from Lets Venture and existing investors, including the JITO Angel Network and the family offices of Mankind Pharma, Excel Industries, and BluSmart.
The infusion of funds will play a crucial role in accelerating BatX Energies' operations, specifically focusing on scaling up the production of recycled battery-grade lithium, nickel, and cobalt. Additionally, the company aims to establish a secure nationwide reverse logistics network to streamline the sourcing of used batteries.
The funds raised will contribute to the scaling of Hy-electro based critical material extraction and refining capacities. The company also plans to invest in commercial research and development for the production of pCAM (precursor cathode active materials) from recycled battery minerals. Furthermore, the funding will support the initiation of commercial-scale production units for second-life stationary energy storage applications (ESS & BESS).
Speaking about the investment, Utkarsh Singh, Co-founder & CEO of BatX Energies said, “At BatX, we envision a transformative approach to the extraction of Li-ion battery materials, addressing the environmental complexities it entails. While these batteries are vital for clean and technological advancements, their current extraction methods present daunting environmental challenges—high carbon emissions, land degradation, excessive water usage, and contamination risks. We are very focused on reducing the critical materials imports for India and producing them by recycling, thus making India Atma Nirbhar. With this growth capital, we will showcase tremendous developments on setting up industry standards. This investment signifies our unwavering commitment to reshaping the energy sector and circular economy. It advances our mission to amplify efforts towards a sustainable future for generations ahead and job creation for the green sector.”
This funding round positions BatX Energies to expand its market presence within India and globally, as well as to establish new micro facilities across the nation for improved operational efficiency and accessibility.