BatX Energies has raised $5 million (Rs 42 crore) in pre-series A funding led by Zephyr Peacock in participation with Lets Venture, and existing investors JITO Angel Network and Family offices of Mankind Pharma, Excel Industries and BluSmart among others.
The cash will be used to increase the company’s market reach and scale up recycling operations across the country.
The funds will be used to accelerate the scaling up of Hy-electro-based critical material extraction and refining capacities, commercial R&D for pCAM development from recycled battery minerals, and the start-up of the commercial scale second life stationary energy storage applications (ESS & BESS) production unit.
According to the company, this will enable a full-stack recycling and refurbishment solution for OEMs and customers. Furthermore, this capital infusion would be critical in accelerating BatX’s market expansion efforts in India and globally. It will also help to develop new micro facilities (spokes) across the country, expanding their operational footprint for greater accessibility and efficiency.
Utkarsh Singh, Co-founder & CEO, BatX Energies said, “At BatX, we envision a transformative approach to the extraction of 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 on setting up industry standards. This investment signifies our unwavering commitment to reshaping the energy sector and circular economy. It advances our mission to amplify efforts towards a sustainable future for generations ahead and job creation for the green sector.”
Vikrant Singh, Co-Founder & CTO, BatX Energies said, “Through strategic allocation of these funds, we’re poised to power our vision of sustainable energy solutions. We’re directing resources towards pioneering R&D initiatives, elevating the production of superior battery-grade materials. This investment propels our mission to expand globally and establish micro facilities nationwide, fostering a future where clean energy is not just a choice, but a standard.”
Pankaj Raina, MDA, Zephyr Peacock said, “India is witnessing rapid adoption of electric vehicles and personal electronics. This rapid growth has led to an increase in demand for raw materials, most of which are imported. BatX solves this issue by converting used batteries into critical materials for new batteries. The company is poised to become a crucial stakeholder in the battery supply chain in India as recyclers will be a significant source of critical materials for Li-ion battery manufacturing.”
Click Here to get the latest EV news and exclusive updates from EV Mechanica on WhatsApp!