Zephyr Peacock and Lets Venture have invested $5 million in battery recycling firm BatX Energies. The family offices of Mankind Pharma, Excel Industries, and BluSmart, as well as current investor JITO Angel Network, took part in the funding round.
According to the firm, the money will be utilised to grow the company’s nationwide recycling business and penetrate new markets.
“We are focused on reducing critical materials imports for India and producing them by recycling. With this growth capital, we will showcase developments in setting up industry standards. This investment signifies our unwavering commitment to reshaping the energy sector and circular economy,” said Utkarsh Singh, cofounder & CEO of BatX Energies.
Green innovations from BatX Energies support worldwide renewable energy, the circular economy, and sustainability. Advanced Lithium-ion battery systems with first- and second-life cells are being developed. Resource recovery and Li-ion battery recycling are their specialties.
“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,” said Pankaj Raina, managing director, Zephyr Peacock.
About BatX Energies
BatX Energies Pvt. Ltd. is dedicated to creating cutting-edge lithium-ion rechargeable batteries by utilising lithium-ion cells.