In a seed investment round led by JITO Angel Network, the lithium-ion battery recycling firm BatX Energies Pvt Ltd announced on Thursday that it had raised USD 1.6 million (Rs 12.5 crore).
The company added in a statement that Mankind Pharma, Kamaljyot Investments, an associate of Excel Industries, and Haldiram’s family offices also took part in this seed fundraising round.
Read also – [Funding alert] Neuron7 raises $10 mn in funding
BatX Energies has created a proprietary Zero Waste – Zero Emission technique to extract vital Rare Earth metals from used lithium-ion batteries, including lithium, cobalt, nickel, and manganese.
Additionally, existing investors Anmol Jaggi of BluSmart Electric and Rohit Chanana of Sarcha Advisors took part in the seed fundraising round.
According to the startup, the investment will increase its presence in both the Indian and international markets. It also stated that a major portion of the money would go toward advanced R&D for producing battery-grade materials, scaling up their capacity, and establishing micro facilities (spokes) across the nation.
Read also – [Funding alert] Agritech platform WayCool raises $40 mn in funding
“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 champions in green-tech solutions that would bolster global green energy transition. We are proud to associate with the company whose solutions have the potential to substantially reduce the cost of Lithium-ion batteries for use in electric vehicles (EVs),” said JITO Angel Network Vice Chairman Sunil Kumar Singhvi. “Solutions like these and support of investors in the field can greatly accelerate EV adoption and reduce dependency on imported Lithium-ion in the country, given the fact that India does not have reserves of rare metals like Lithium, Cobalt, Nickel and Manganese.”
“We are a team of green-tech enthusiasts dedicated to creating a circular economic and domestic supply chain of these Rare Earth metals for the production of affordable EVs. 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. It is also our team’s driving force and motto “Beyond Limitations”. 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. We are also committed to achieve the United Nation SDGs 7, 11, 12, 13 and 15. BatX Energies will invest up to $50 million over the next 24 months in setting up our recycling units in different geographies”, Utkarsh Singh, Co-Founder, and CEO, BatX Energies, said.
Read also – Pine Labs acquires leading API fintech startup Setu
“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 kind of Lithium batteries circulated in the global market,” added Mr. Vikrant Singh, Co-Founder and CTO, BatX Energies.
About BatX Energies
BatX Energies exists to develop Green Tech Solutions which empowers the Global Clean Energy Transition creating a Circular Economy and Sustainability ethos.