Electronic waste recycling company, Attero Recycling has decided to invest Rs 600 crore to set up a Lithium-ion battery recycling facility in Telangana.
At present, the company has a battery recycling capacity of 4,500 MT.
With the new facility, which will be spread over 50 acres, the company aims to increase its capacity to 4,500 MT by the end of 2023.
The company inked a pact with the Telangana government to strengthen the Li-ion battery recycling ecosystem in India. This will be the company’s second li-ion battery recycling facility in the country.
KT Rama Rao, Minister for IT & Industries, Telangana, said, “We were one of the first states to introduce the ‘EV & ESS’ policy in 2020. The EV ecosystem is thriving in the state and we are glad that Attero will also be a significant part of the ecosystem. We are happy that the company is investing to establish a new facility in Telangana that will generate employment opportunities.”
Nitin Gupta, CEO and Co-Founder, Attero Recycling said, “This facility will be instrumental in paving the way for India’s independence in battery materials. Telangana is an ideal location as it is a hub for the EV industry and is creating a favorable environment for the adoption of zero-emission vehicles.”
“With EV production on the rise, lithium battery recycling is more important than ever. The improper disposal of Li-ion battery recycling is not only an environmental threat but also a wasted opportunity to extract rare materials”, he added.
The company, in a statement, said that it utilizes proprietary and globally patented Avant-grade recycling technologies and has the world’s highest RER (Recycling Efficiency Rate) at 98%.
The extracted materials are sold in the market at LME or Fast Market prices ensuring a healthy circular supply chain. Further, the company has plans to recycle 300,000 tonnes of lithium-ion batteries by 2027.
The global recycling industry is projected to reach $22.8 billion by 2030, up from $4.6 billion currently, expanding at a CAGR of 19.6 per cent.
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