The infusion of fresh funds is expected to help scale up recycled battery-grade lithium, nickel and cobalt production and establish a secured nationwide reverse logistics network for sourcing
Battery recycling startup BatX Energies announced on Tuesday that it has successfully raised $5 million (over Rs 40 crore) in an early-stage funding round led by Zephyr Peacock.
This pre-Series A funding round also saw participation from Lets Venture, as well as existing investors such as JITO Angel Network and family offices associated with Mankind Pharma, Excel Industries, and BluSmart, according to a statement from BatX Energies.
The newly infused capital will be utilised to scale up the production of recycled battery-grade lithium, nickel, and cobalt. Additionally, the funds will be directed towards establishing a robust nationwide reverse logistics network for sourcing materials, the statement added.
Vikrant Singh, co-founder & CTO of BatX Energies, expressed that the strategic allocation of these funds will play a pivotal role in advancing their vision of sustainable energy solutions.
He emphasised a focus on pioneering research and development initiatives and enhancing the production of high-quality battery-grade materials. Singh stated, "This investment propels our mission to expand globally and establish microfacilities nationwide, fostering a future where clean energy is not just a choice but a standard."
Commenting on the investment, Pankaj Raina, Managing Director of Zephyr Peacock, highlighted the rapid adoption of electric vehicles (EVs) and personal electronics in India.
He noted that this growth has led to an increased demand for raw materials, most of which are imported. Raina emphasised that BatX Energies addresses this challenge by converting used batteries into critical materials for new batteries, positioning the company to play a crucial role in the battery supply chain in India. Recyclers like BatX Energies are expected to become significant contributors to the supply of critical materials for Li-ion battery manufacturing, he added.
The funding round reflects investor confidence in BatX Energies' mission to contribute to a more sustainable and circular approach to battery production and usage, particularly in the rapidly growing electric vehicle and electronics sectors in India.