India-EU TTC working group 2 organised a startup matchmaking event that saw both Indian and EU battery recycling startups pitching their innovative technologies to the experts
Under the collaboration, three startups each from India and the EU will visit their counterpart countries for a week-long market immersive experience and explore potential collaborations
From the Indian side, six startups have been selected – Lohum, LW3., BatX Energies, Evergreen Lithium Recycling, Metastable Materials, and CENALL
As electric vehicle (EV) adoption continues to pick up pace globally, startups from India and the European Union (EU) have called for fostering innovation and cooperation in the EV battery recycling space.
The development came on the sidelines of a startup matchmaking event organised by the India-EU Trade and Technology Council (TTC) working group 2. The event saw both Indian and EU startups pitch their innovative technologies to the group.
Under the collaboration, three startups each from India and the EU will get the opportunity to visit their counterpart countries for a week-long market immersive experience.
An official statement said that the trip will enable the selected startups to engage directly with interested stakeholders, explore potential collaborations, and gain insights into the local market landscape. “This visit presents prospects of establishing pilot projects, commercial opportunities, and/or co-development initiatives,” the statement added.
At the event on June 20, an “independent” panel of experts from each side shortlisted 12 startups based on their scientific merit, market readiness, and prospects for cooperation. From the Indian side, six startups were selected – Lohum, LW3., BatX Energies, Evergreen Lithium Recycling, Metastable Materials, and CENALL.
From these, three Indian startups will eventually be selected for the trip to the EU.
The virtual event was attended by the likes of principal scientific advisor to the Indian government Ajay Kumar Sood, European Commission’s director general for research and innovation Marc Lemaitre, and the Indian ambassador to Belgium, Luxembourg and the EU, Saurabh Kumar.
The statement said that the initiative aligns with the commitment of the two countries to promote a sustainable agenda, foster innovation, and forge stronger economic relations.
“This matchmaking event today brings together the best talents and technologies in the battery recycling space on both sides, giving them an exclusive platform for exchange, networking, and prospective investments…,” said Sood.
For the uninitiated, the India-EU TTC was first announced by Prime Minister Narendra Modi and European Commission president Ursula von der Leyen in April 2022. Eventually established in February last year, the council operates as a strategic coordination mechanism that allows both sides to address issues related to trade, trusted technology, security and cooperation.
While working group 1 is centred on strategic technologies and digital governance, group 2 is focussed on green and clean energy technologies. Group 3 caters to areas such as trade, investment and resilient value chains.
The latest partnership comes at a time when EVs continue to see rapid adoption in the country. Banking on production-linked incentive (PLI) schemes (PLIs) and subsidies, EV penetration in India continues to rise, with two-wheelers leading the race. As a result, a host of big-ticket players such as Ola Electric and Ather Energy have emerged in the segment.
Powering these are battery recycling startups that have also created a niche in the space as demand for such products grows.
On the policy front for battery recycling, the Centre has promoted energy storage systems through its National Framework for Energy Storage Systems for battery repurposing. Last year, the Ministry of Mines also invited proposals from startups to promote research and innovation in the mining, mineral processing, metallurgy, and recycling sectors.
As a result, the sector has drawn a lot of interest from investors. Earlier this year, Lohum bagged $54 Mn in a funding round. that saw participation from Singularity Growth and others. BatX Energies also raised $5 Mn in its pre-Series A funding round from Zephyr Peacock and others last year.
