Lohum Secures $54 Million Investment for Market Expansion
Manufacturer of lithium-ion battery packs and recycling company Lohum announced on Wednesday that it has raised USD 54 million (about Rs 450 crore) from a number of investors in a fundraising round. According to a release from Lohum, among the new and established venture companies that took part in the series B investment round of capital infusion were Singularity Ventures, Baring Private Equity, Cactus Venture Partners, and Venture East.
According to the firm, these funds will be used to support its market expansion efforts, including stepping up recycling operations throughout India and branching out into new markets for energy-transition materials in North America, the EU, the Middle East, Africa, and Asia.
“We at Lohum are thrilled to be equipped with the necessary resources for the next stage of our development. The funds will expedite our international expansion, enable us to hire top professionals from talent pools in India, expand our strength, and provide fresh tailwinds to our industry-leading R&D innovation centre.”
Rajat Verma, Founder & CEO, Lohum said.
With an end-to-end internal ecosystem for battery recycling, repurposing, transition material refining, and cathode active material production, Lohum claims to have an integrated battery lifecycle management system.
“We are incredibly excited to partner with Rajat and the Lohum team in building a global company out of India in energy transition materials. We have seen the company evolve from just being a second-life company to a full-scale material manufacturer, around materials like Nickel, Cobalt, and Pre-CAM materials. What impressed us was not just their ability to think globally from day 1, but the fact that they have been able to expand into the entire battery lifecycle management with India as a node.”
Yash Kela, Chief Investment Officer, Singularity Growth said.
Lohum is focusing on bridging the technological divide in the efficiency of battery energy storage and electric vehicles (EVs). This includes advancements in high-efficiency, high-purity recycling, the effective repurposing of EV batteries and their second-life applications, valuation of battery residuals, and forecasting asset prices. Additionally, the firm is enhancing EV fleet management and Battery Management Systems (BMS). The recent injection of funds will be dedicated to achieving Lohum’s goal of extending the lifespan of battery materials indefinitely and propelling the shift towards sustainable electrification.
