SUMMARY
The pre-Series A funding round also saw participation from LetsVenture, JITO Angel Network, family offices of Mankind Pharma, Excel Industries and BluSmart
With the fresh funds, BatX Energies aims to further bolster its R&D initiatives in battery recycling and establish a nationwide reverse logistics network for sourcing waste batteries
The startup claims to be able to extract 99.95% pure lithium, nickel, and cobalt from the black mass of Li-ion cells using its proprietary hydro-electro process
Lithium-ion (Li-ion) battery recycling startup BatX Energies has raised $5 Mn (around INR 41 Cr) in its Pre-Series A funding round from Zephyr Peacock, with participation from LetsVenture and existing investors including JITO Angel Network, family offices of Mankind Pharma, Excel Industries and BluSmart.
BatX Energies will deploy the fresh capital to scale up production of its recycled battery-grade lithium, nickel, and cobalt and establish a nationwide reverse logistics network for sourcing.
Founded in 2020 by Utkarsh Singh and Vikrant Singh, BatX Energies claims to be able to extract 99.95% pure lithium, nickel, and cobalt from the black mass of Li-ion cells using its proprietary zero-waste, zero-emission hydro-electro process. The cleantech startup claims to have recycled 220 Mn batteries. It also aims to further bolster its research and development (R&D) initiatives in battery recycling.
“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,” said Utkarsh Singh.
“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,” said Pankaj Raina, managing director at Zephyr Peacock.
“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,” Raina added.
The company has raised a total funding of $1.96 Mn till date.
BatX Energies competes with the likes of Lohum, Attero, and Peak XV-backed Metastable Materials, among others.
With a growing focus towards sustainability and achieving net zero goals, waste management, recycling and circular economy are receiving increasing attention from investors and entrepreneurs alike. As per Inc42’s analysis, waste management has grabbed more than one-fourth of the total funding in climate tech in the country this year.
