Attero eyes $2 billion revenue in 5 years | The Financial Express

Attero eyes $2 billion revenue in 5 years 

Attero Recycling aims to have revenue worth $2 billion (Rs 16,500 crore) in the next five years by way of expanding business in the lithium-ion battery segment.

Attero eyes $2 billion revenue in 5 years 
The company is setting up a 15,000 metric tonnes lithium-ion battery recycling plant in Telangana.

E-waste recycling company Attero Recycling aims to have revenue worth $2 billion (Rs 16,500 crore) in the next five years by way of expanding business in the lithium-ion battery segment, according to a top official.

Attero Recycling’s CEO and Co-Founder Nitin Gupta told PTI that the company is setting up a 15,000 metric tonnes lithium-ion battery recycling plant in Telangana with an investment of Rs 600 crore.

He said the Telangana plant will enhance the company’s total lithium-ion capacity to 19,500 metric tonnes.

“Attero wants to have a global footprint of lithium-ion battery recycling of 3,00,000 metric tonnes per annum capacity in the next 5 years because our technology for lithium-ion batteries is best in the world.

“Of this planned capacity, we are setting up 15,000 metric tonnes in Telangana with investment of Rs 600 crore. The groundbreaking will happen next month and the plant will operate with full capacity from December 2023,” Gupta said.

The company is recovering more than 98 percent of battery grade cobalt, lithium carbonate, graphite, nickel (from used batteries) which we are today exporting to top automobile OEMs across the world which they are using to manufacture new battery cells. We are recycling all kinds of lithium-ion batteries,” Gupta said.

Attero plans to invest Rs 7,500 crore for setting up 3 lakh tonnes lithium-ion battery processing capacity over a period of five years.

“Global expansion will cost Rs 7,500 crore. We will set up 35 percent capacity in Europe and the US each, 20 percent in India, 10 percent in Asia excluding India, which means 60,000 per annum capacity in next 5 years will be set up in India. With this, we will become a $2 billion revenue company. We are a cash flow positive, profitable company,” Gupta said.

The company has made an investment of Rs 600 crore through a mix of internal accrual and debt.

“We have signed global contracts for both sourcing raw material and supplies. We have already signed a supply contract for 15,000 tonnes capacity at the Telangana plant,” Gupta said.

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First published on: 04-11-2022 at 10:38 IST