Battery solutions provider, Lohum has joined hands with ACKO to recycle and reuse batteries that will lead to faster adoption of Electric Vehicles in India.
The exclusive partnership is a significant milestone for the EV industry, as it marks the first time of an association for EV battery insurance in the country includes provisions for reusing and recycling of the batteries.
In addition, the collaboration will benefit EV battery OEMs that have their products underwritten by ACKO.
This will provide easy access to Indian EV customers, battery OEMs, dealerships, and all ecosystem stakeholders to advanced aftermarket services.
The partnership will help optimize the battery insurance and financing costs for the customers.
Lohum and ACKO aim to ensure customers have complete peace of mind in their overall EV buying journey.
In addition, Lohum will work towards collecting, repurposing, and recycling used batteries that will come back as a result of liability from the product, thereby reducing the environmental impact and producing sustainable Lithium-ion raw materials for new batteries.
Commenting on the partnership, Rajat Verma, Founder & CEO of Lohum, said, “We are delighted to partner with ACKO to weave sustainability into India’s first EV battery performance warranty insurance. We applaud ACKO’s emphasis on performance warranty, which ensures that customers get immediate replacements as soon as the battery performance drops even by a small margin over time. This partnership aligns with our vision of lowering the carbon emissions of EV batteries and building customer-centric solutions across the battery materials supply chain. It is a testament to both companies’ commitment to creating a greener tomorrow.”
“The Battery Waste Management Rule of 2022 says that it is imperative to have end-to-end tracking of batteries to ensure safe disposal. Our strategic partnership with Lohum will help OEMs comply with the necessary EV-specific rules, which will act as a catalyst for achieving network effects and efficiency in the Indian circular economy and act as a stellar nursery for India’s EV ecosystem,” said Animesh Das, Chief Underwriting Officer, ACKO.
Lohum Cleantech has also recently inked an agreement with Mercedes-Benz Energy (MBE) to annually offtake at least 50MWh across several second-use battery modules from MBE.
Lohum is a budding startup that offers lithium-based Energy Storage Solutions and develops second life applications primarily for automotive as well as non-automotive storage markets.
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