BatX Energies, a lithium-ion battery recycling start-up has raised $5 million (Rs 42 crore) in pre-series A funding led by Zephyr Peacock in participation with Lets Venture, and existing investors JITO Angel Network and Family offices of Mankind Pharma, Excel Industries and BluSmart among others.
The company aims to deploy the funds towards expanding its market reach andscaling of recycling operations across the country.
This it says will enable a full-stack recycling and refurbishing solution for OEM’s and its customers. Furthermore, this funding infusion will be instrumental in expediting BatX’s market expansion efforts within India and on a global scale. Additionally, it will support the establishment of new micro facilities (spokes) across the nation, enhancing their operational footprint for increased accessibility and efficiency.
The start-up was established in 2020 by Utkarsh Singh and Vikrant Singh, it claims to utilise ingeniously used batteries into battery grade materials. With its IP and proprietary zero-waste, zero-emission hydro-electro process, BatX extracts 99.95% pure lithium, nickel, cobalt from the black mass high yield.The company says it has already recycled 220 million batteries with the aid of its in house developed machines and processes.
Utkarsh Singh, Co-founder & CEO, 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.”
Vikrant Singh, Co-Founder & CTO, BatX Energies said, “Through strategic allocation of these funds, we’re poised to power our vision of sustainable energy solutions. We’re directing resources towards pioneering R&D initiatives, elevating the production of superior battery-grade materials. This investment propels our mission to expand globally and establish micro facilities nationwide, fostering a future where clean energy is not just a choice, but a standard.”
Pankaj Raina, MDA, Zephyr Peacock said, “India is witnessing rapid adoption of electric vehicles and personal electronics. This rapid growth has led to an increase in demand for raw materials, most of which are imported. BatX solves this issue by converting used batteries into critical materials for new batteries. The company is poised to become a crucial stakeholder in the battery supply chain in India as recyclers will be a significant source of critical materials for Li-ion battery manufacturing.”