BatX Energies, an innovative lithium-ion battery recycling startup, has recently achieved a significant milestone by securing $5 million in a pre-Series A funding round. This investment was spearheaded by Zephyr Peacock and saw participation from several notable entities, including Lets Venture, JITO Angel Network, and family offices of Mankind Pharma, Excel Industries, BluSmart, and others. The company, founded in 2020 by Utkarsh Singh and Vikrant Singh, is based in the Sikandrabad Industrial Area, Bulandshahr, Uttar Pradesh.
Before this round of funding, BatX Energies had successfully raised $1.96 million over two rounds in 2021 and 2022. The fresh infusion of capital is earmarked for several strategic initiatives. Key among these is the acceleration of their Hy-electro-based critical material extraction and refining capacities. This process is crucial for the recycling of used batteries into new, battery-grade materials. The company boasts an impressive 99.95% purity in extracting lithium, nickel, and cobalt through this innovative hydro-electro process, aligning with global sustainability goals and supporting India’s aim for Net-Zero emissions by 2070.
Additionally, the funds will be used for commercial R&D focused on pCAM (precursor Cathode Active Material) development from recycled battery minerals. Another significant plan is to commence the commercial-scale production of second-life stationary energy storage applications (ESS & BESS). These initiatives are not just about scaling up operations but also about setting industry standards and contributing to the circular economy.
BatX Energies plans to establish new micro facilities across India, enhancing their operational footprint for increased accessibility and efficiency. This nationwide expansion aligns with their vision of sustainable energy solutions and the establishment of micro facilities, fostering a future where clean energy is a standard choice.
The company’s approach goes beyond technology and environmental impact. BatX Energies is also empowering local scrap collectors, helping them transition to the organized sector and building a reliable supply chain. This initiative not only contributes to the recycling process but also promotes social entrepreneurship and job creation in the green sector. The founders have expressed their commitment to reducing critical material imports for India and producing them by recycling, thus contributing to India’s vision of self-reliance (Atma Nirbhar).
With more than 220 million batteries already recycled, BatX Energies is poised to become a crucial stakeholder in the battery supply chain in India. The global market for lithium-ion battery recycling is expected to reach $7.32 billion by 2028, indicating a promising growth trajectory for companies like BatX Energies in this sector.