Battery Recycling Firm BatX Secures $5 Million to Fund Expansion Plans
The company aims to scale up critical material extraction capacity
BatX Energies, an India-based sustainable and circular Lithium-ion (Li-ion) battery recycling company, has raised $5 million in pre-series A Funding. The funds will be utilized for market expansion and scaling of the company’s recycling operations all over India.
The company aims to invest in scaling up hybrid- electro-based critical material extraction and refining capacities, commercial R&D for precursor cathode active material (pCAM) development from recycled battery minerals, and commencing the commercial scale second-life stationary energy storage applications (ESS & BESS) production unit.
The expansion would allow a full-stack recycling and reconditioning solution for original equipment manufacturers and customers.
The funding will also be used for BatX’s market expansion within India on a global scale.
It will also support enterprise micro facilities nationwide, which will help them enhance their operational trace for increased accessibility and efficiency.
“At BatX, we envision a transformative approach to extracting 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 critical materials imports 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,” said Utkarsh Singh, Co-founder and CEO of Batx Energies.
India has a collective capacity of lithium-ion batteries across various sectors, which is projected to reach 600 GWh by 2030. Around 128 GWh of these batteries will be recycled, with nearly 59 GWh originating from the electric vehicle sector.
The first nine months of 203 saw a 31% year-over-year decline in global corporate finance for the energy storage sector, with $15.2 billion raised across 94 deals.
To ensure environmentally friendly management of waste batteries, including EV, portable automotive, and industrial batteries, the Ministry of Environment, Forest, and Climate Change has published the Battery Waste Management Rules, 2022.