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VinFast partners BatX Energies for battery recycling, repurposing in India
Economic Times
ยท
28d ago
Medial
VinFast, a Vietnamese EV maker, has partnered with India's BatX Energies for battery recycling and repurposing. This collaboration focuses on high-voltage battery recovery, aiming to support a circular economy by recycling critical materials like lithium, cobalt, and nickel. The initiative aligns with India's evolving electric vehicle landscape, aiming to reduce reliance on mining and foster sustainable battery solutions. VinFast is also investing $500 million in a manufacturing plant in Tamil Nadu, targeting local and international markets.
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Battery recycling startup BatX raises $5 million in funding from Zephyr Peacock, Lets Venture
Economic Times
ยท
1y ago
Medial
BatX Energies, a lithium battery recycling startup, has secured $5 million in funding from Zephyr Peacock and Lets Venture, with participation from JITO Angel Network, Mankind Pharma, Excel Industries, and BluSmart. The funds will support market expansion and the scaling up of recycling operations across India. BatX Energies aims to reduce critical material imports for India by recycling and extracting materials for new batteries. The company plans to invest in scaling up Hydrogen electrode-based critical material extraction, refining capacities, and commercial R&D for PCAM development from recycled battery minerals.
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Indian, EU Startups Pitch Cooperation In EV Battery Recycling
Inc42
ยท
1y ago
Medial
India-EU TTC working group 2 recently organized a startup matchmaking event where Indian and EU battery recycling startups showcased their technologies to experts. The collaboration aims to foster potential partnerships by sending three startups from each side to visit their counterpart countries for a market immersive experience. Lohum, LW3., BatX Energies, Evergreen Lithium Recycling, Metastable Materials, and CENALL are among the selected Indian startups participating in this initiative.
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Vietnamese EV maker VinFast opens first showroom in India ahead of plant inauguration
Economic Times
ยท
12d ago
Medial
Vietnamese electric vehicle manufacturer VinFast opened its first Indian showroom in Surat, ahead of its upcoming plant inauguration in Tamil Nadu. The showroom will showcase its premium electric SUVs, VF 6 and VF 7, marking the company's commitment to India's electric mobility market. Supported by local partners like Chandan Car, VinFast plans to establish 35 dealerships across 27+ cities this year, while also focusing on charging infrastructure and sustainability initiatives like battery recycling in India.
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Battery tech startup LOHUM raises $54 Mn in Series B
Entrackr
ยท
1y ago
Medial
Battery tech startup LOHUM has announced that it raised $54 million in a Series B funding from Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East among other new and existing venture firms. LOHUM will use these funds to fuel its market expansion, scaling up recycling operations across India, the firm said in a press release. It will also expand to new energy transitioning markets in North America, the EU and MENA region. The firm has already raised more than $37 million across multiple tranches and was valued at around $422 million post-allotment of the latest tranche. Entrackr had exclusively reported both the developments. Lohum claims to be one of the largest producers of sustainable energy transition materials through integrated battery recycling & raw material refining and battery repurposing. The company also said that its lithium-ion battery material recycling and extraction technology regenerates top-quality materials and produces zero waste. The company repurposes EV batteries to make second-life energy storage systems (ESS) for renewable energy storage and grid stabilization. As of early 2024, LOHUM plans to have an in-house ecosystem of battery recycling, battery repurposing, transition materials refining, Cathode Active Material (CAM), i.e. integrated battery lifecycle management. Lohum also performed well during the last fiscal year as its revenue surged nearly three-fold to Rs 308 crore from Rs 106 crore in FY23. The company posted back to back profits in the past three fiscal years. Check startup data intelligence platform TheKredible for more details.
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ChargeZone Unveils Digital Platform For Battery Management
Inc42
ยท
9m ago
Medial
ChargeZone is a startup that offers high-speed charging networks for electric vehicles (EVs). The company has developed a digital platform called Battery Passport System, which collects data throughout the battery's lifespan to maximize its value and facilitate repurposing and recycling efforts. ChargeZone was founded in 2018 by Hariyani and aims to revolutionize the charging infrastructure for EVs, including cars, buses, and trucks.
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Lohum eyes $100 mn funding to grab a slice of global EV battery pie
Livemint
ยท
1y ago
Medial
Battery tech startup Lohum plans to raise $100 million in funding to expand its manufacturing operations in India and abroad, benefiting from the growing adoption of electric vehicles. The company aims to reach a valuation of $600-650 million, capitalizing on investor interest in the sector. Lohum recently raised $54 million in a Series B round led by Singularity Growth. It has appointed investment bank Avendus Capital to assist with fundraising efforts and plans to expand to North America, the Middle East, and Europe. Lohum specializes in repurposing and recycling EV batteries and offers an end-to-end battery lifecycle management ecosystem.
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PLI Scheme For Battery Recycling: A Cornerstone Opportunity For Indiaโs Energy Security
Inc42
ยท
1y ago
Medial
The article discusses the need for a Production Linked Incentive (PLI) scheme for battery recycling in India. Battery recycling plays a crucial role in achieving eco-sustainability and resource circularity, as well as maximizing the economic benefits of clean technologies. PLI schemes have been successful in boosting the manufacturing sector and attracting foreign investment. Implementing a PLI scheme for battery recycling would incentivize companies to invest in capacity building, innovation, and resource efficiency. It would not only benefit the battery industry but also other sectors such as renewables, electric vehicles, consumer electronics, and more.
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Exclusive: Battery tech startup Lohum raises $14.5 Mn more in Series B
Entrackr
ยท
1y ago
Medial
Lohum Cleantech, a producer of clean energy transition materials through battery recycling and repurposing, has raised Rs 119 crore (approximately $14.5 million) as a part of its ongoing Series B round. The board at Lohum has passed a special resolution to issue 844 Series B2 CCPS at an issue price of Rs 14,13,632 each to raise Rs 119.31 crore, its regulatory filing accessed from the Registrar of Companies shows. Singularity Growth led the tranche with Rs 55 crore while Vyoman India and Baring Private Equity poured in Rs 11 crore and Rs 10 crore, respectively. Angel investors Mukul Mahavirparasad Agarwal and Madhuri Madhusudan invested Rs 11 crore and Rs 10 crore each. The company has passed a separate board resolution to issue 2,501 debentures to Stride Ventures debt fund to raise Rs 25 crore. Lohum will use these proceeds for the capital expenditures, marketing, and general corporate purposes of the company as per the business plan approved by the board, the company said in the filing. Following the fresh funds, Baring Private Equity holds 5.58% while Cactus Partners and Singularity Growth Opportunities command 2.89% and 1.62%, respectively, in the firm. According to the startup data intelligence platform TheKredible, the company has been valued at around Rs 3,470 crore or $422 million post-allotment. The company had previously raised $7 million in January 2021. It has already raised $23 million as part of the series B, which kicked in August last year. As per media reports, it was in talks to raise $100 million in Series B. Lohum claims to be one of the largest producers of sustainable energy transition materials through integrated battery recycling & raw material refining and battery repurposing. As per Lohum, its lithium-ion battery material recycling and extraction technology regenerates top-quality materials and produces zero waste. It repurposes EV batteries to make second-life energy storage systems (ESS) for renewable energy storage and grid stabilization. Lohum has shown an impressive financial performance with its revenue surging 2.9X to Rs 308 crore in FY23 from Rs 106 crore in FY23. The company also posted a profit of Rs 8.88 crore in the same period.
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Startups: Key To Economic & Geopolitical Risk Mitigation Through Circularity
Inc42
ยท
1y ago
Medial
The growth of renewable energy is driven by advancements in solar and wind technologies available through startup-led markets worldwide. However, most of India's energy still comes from coal, making up 80% of the energy mix. This dependence on coal and limited supply of energy transition materials pose economic and geopolitical risks. Material circularity, achieved through initiatives like battery recycling and repurposing startups, can mitigate these risks and ensure energy security. Various international initiatives are also promoting sustainable practices in the energy sector. Startups are crucial in driving innovation and accelerating the adoption of new technologies in the transition to a circular economy.
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Vietnamโs VinFast looks to start India EV operations in 2024
Livemint
ยท
1y ago
Medial
Vietnamese electric vehicle (EV) maker VinFast plans to launch its two-wheelers and four-wheelers in India by the third quarter or second half of 2024. The company has conducted dealer 'clinics' with potential Indian partners and is expected to import vehicles as completely-built up units. VinFast aims to target a price range of โน18-20 lakh for its initial import into India, though import duties may affect pricing. The company plans to initially focus on tier-1 cities before expanding to other areas. VinFast is actively hiring and establishing its leadership team in India.
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