Lithium-ion (Li-ion) battery recycling company BatX Energies has raised $5 million in its pre-Series A round from investment firm Zephyr Peacock in participation with early-stage investment marketplace LetsVenture, it said in a statement on Tuesday. The startup’s existing investors JITO Angel Network, family offices of Mankind Pharma, Excel Industries, BluSmart etc. also participated in the round.
The startup said it will deploy capital to scale up its Hy-electro based criticalmaterial extraction and refining capacities, commercial R&D for pCAM development from recycled battery minerals and commence the commercial scale second life stationary energy storage applications (ESS & BESS) production unit.
Speaking on the investment,Utkarsh Singh 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.”
Established in 2020 by Utkarsh Singh and Vikrant Singh, the startup ingeniously transforms used batteries into battery grade materials. It extracts 99.95 per centpure Lithium, Nickel, Cobalt from the black mass high yield.
BatX Energies supports global sustainability goals like the UN’s 17 Sustainable Development Goals and India’s Net-Zero emissions by 2070.
“India is witnessing rapid adoption of Electric Vehicles (EVs) 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,” saidPankaj Raina, Managing Director, Zephyr Peacock.
The global Lithium-ion battery recycling market size is estimated at $2.65 billion in 2023 and is expected to reach $7.32 billion by 2028, growing at a CAGR of 22.49 per cent, according to the data from research firm Mordor Intelligence.