BatX Energies Secures Rs 42 Crore in Pre-Series A Funding to Fuel Operational Expansion
A lithium-ion battery recycling start-up called BatX Energies has raised $5 million (about Rs 42 crore) in pre-series A funding led by Zephyr Peacock with participation from Lets Venture, as well as current investors JITO Angel Network and family offices of BluSmart, Excel Industries, Mankind Pharma, and other companies.
The company plans to use the money to grow its recycling operations across the nation and broaden its market reach.
The money will be used to start the commercial R&D for pCAM development from recycled battery minerals, expedite the scaling up of the Hy-electro-based critical material extraction and refining capacities, and start the commercial scale second life stationary energy storage applications (ESS & BESS) production unit.
Using its IP and proprietary zero-waste, zero-emission hydro-electro process, BatX extracts 99.95% pure lithium, nickel, and cobalt from the black mass high yield. Founded in 2020 by Utkarsh Singh and Vikrant Singh, the company claims to utilise cleverly used batteries into battery grade materials. With the help of its in-house developed machines and processes, BatX has already recycled 220 million batteries.
“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. We are very focused on reducing the imports of critical materials for India and producing them by recycling, thus making India Atma Nirbhar. With this growth capital, we will showcase tremendous developments in setting up industry standards. This investment signifies our unwavering commitment to reshaping the energy sector and circular economy. It advances our mission to amplify efforts towards a sustainable future for generations ahead and job creation for the green sector.”Utkarsh Singh, Co-founder & CEO, of BatX Energies said
“Through strategic allocation of these funds, we’re poised to power our vision of sustainable energy solutions. We’re directing resources towards pioneering R&D initiatives, elevating the production of superior battery-grade materials. This investment propels our mission to expand globally and establish micro facilities nationwide, fostering a future where clean energy is not just a choice, but a standard.”Vikrant Singh, Co-Founder & CTO, of BatX Energies said
“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 as recyclers will be a significant source of critical materials for Li-ion battery manufacturing.”Pankaj Raina, MDA, Zephyr Peacock said
Content Credit: Express Mobility