Lohum, one of India’s largest producer of sustainable energy transition materials through battery recycling, raw material refining, and battery repurposing, has raised $54 million (Rs 450 crore) in series B funding from Singularity Growth, Baring Private Equity, Cactus Venture Partners & Venture East amongst other new and existing venture firms.
The company aims to use these funds to fuel its market expansion, scaling up recycling operations across India, and also expanding to new energy transition materials markets in North America, Europe, Middle East, Africa, and Asia.
As of early 2024, Lohum claims it is the only company in the world to have an end-to-end in-house ecosystem of battery recycling, battery repurposing, transition materials refining, Cathode Active Material (CAM), i.e. – integrated battery lifecycle management.
Rajat Verma, Founder & CEO, Lohum said, “We at Lohum are thrilled to be equipped with the necessary resources for the next stage of our development. The funds will expedite our international expansion, enable us to hire top professionals from talent pools in India, expand our strength, and provide fresh tailwinds to our industry-leading R&D innovation centre.”
Yash Kela, Chief Investment Officer, Singularity Growth said, “We are incredibly excited to partner with Rajat and the Lohum team in building a global company out of India in energy transition materials. We have seen the company evolve from just being a second-life company to a full-scale material manufacturer, around materials like Nickel, Cobalt, and Pre-CAM materials. What impressed us was not just their ability to think globally from day 1, but the fact that they have been able to expand into the entire battery lifecycle management with India as a node.”
Lohum is working towards addressing technology gaps in the viability of battery energy storage and EVs, like high-yield high-purity recycling, optimal EV battery repurposing & battery second life, battery residual valuation and asset price prediction, as well as EV fleet management and BMS. This influx of funding will go towards the company’s mission to make battery materials last forever and accelerate sustainable electrification.
