BatX Energies raises USD 1.6 mn in funding round led by JITO Angel Network
NEW DELHI, Jun 23 (PTI) Lithium-ion battery recycling startup BatX Energies Pvt Ltd on Thursday said it has raised USD 1.6 million (Rs 12.5 crore) in a seed funding round led by JITO Angel Network. Mankind Pharma, Kamaljyot Investments, a subsidiary of Excel Industries, and Haldiram's family offices also participated in this seed funding round, the company said in a statement.
Existing investors Rohit Chanana from Sarcha Advisors and Anmol Jaggi of BluSmart Electric, also participated in the seed funding round, it added. The company said it will invest up to USD 50 million (over Rs 390 crore) over the next 24 months in setting up lithium-ion battery recycling units in different geographies. The fund will help expand footprints in the Indian and international markets, the startup said adding, a key focus on investment would be towards advanced R&D for producing battery-grade materials, scaling up their capacity, and setting up micro facilities (spokes) across the country.
Stating that it aims to source and process locally, BatX Energies said, "Through this, it will also bring about an increase in job opportunities and a skilled workforce in the electronic waste management sector." BatX Energies Co-Founder and CTO Vikrant Singh said, "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 kinds of lithium batteries circulated in the global market."
Stressing on the need for recycling on lithium ion batteries, BatX Energies Co-Founder, and CEO Utkarsh Singh said, "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." He further said 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... BatX Energies will invest up to USD 50 million over the next 24 months in setting up our recycling units in different geographies," he added.
Currently, BatX Energies operates an R&D centre and a production unit in Delhi-NCR. "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 a champion in green-tech solutions that would bolster the global green energy transition," JITO Angel Network Vice-Chairman Sunil Kumar Singhvi said.