JITO Angel Network sponsored a seed fundraising round for Lithium-Ion battery recycling startup BatX Energies Pvt. Ltd. BatX Energies has created a zero-waste, zero-emission process to extract rare earth metals from trash Lithium-Ion batteries. These materials propel electric transportation globally.
The financing will grow the startup’s Indian and international presence. The business plans to source and process locally by investing in sophisticated R&D for battery-grade materials, expanding capacity, and setting up micro facilities (spokes) around the country. This will enhance job possibilities and the sector’s trained workforce.
BatX Energies will build a commercial-scale, AI-integrated rare earth battery materials extraction factory with this financing. In Q3 of FY 22-23, the business will start extracting some aspects from its recycling operation, which already produces Black Mass (a combination of battery anode and cathode components).
BatX Energies is in advanced negotiations with worldwide agencies to extend their operations and provide end-to-end service for safeguarding rare earth elements, commonly mined with exhausting efforts and stress-causing carbon emissions.
BatX Energies aims to recycle 1 billion Lithium-Ion cells in three years, reducing carbon footprints and providing sustainable battery materials.
BatX Energies’ objective of building a circular economy and supporting sustainability aligns with JITO Angel Network’s principles, stated Vice-Chairman Sunil Kumar Singhvi. We see the firm as a leader in green-tech solutions for global energy transformation. We’re happy to work with a startup whose innovations might cut the cost of Lithium-ion batteries for electric automobiles (EVs).
“Solutions like these and investor assistance may considerably speed EV adoption and minimize dependence on imported Lithium-ion in the country,” Singhvi added.
Thanking investors, BatX Energies Co-Founder and CEO Utkarsh Singh said, “We’re a team of green-tech enthusiasts establishing a local supply chain of Rare Earth metals for inexpensive EVs.” Since India doesn’t have Lithium Cobalt, Nickel, or Manganese, it must recycle spent Lithium-Ion batteries. Closed-loop usage of these materials is unlimited.
“Beyond Limits” is our team’s slogan. Recycling costs less than mining and has more environmental advantages. Various nations have shown interest in our economically effective solution and technology, opening the door to worldwide organic expansion.”We’re dedicated to UN SDGs 7, 11, 12, 13, and 15.” BatX Energies would invest $50 million in recycling facilities over the next 24 months, Singh added.
BatX Energies Co-Founder and CTO Vikrant Singh said, “With this investment, we plan to fill the demand and supply gap of Lithium, Cobalt, Nickel, and Manganese in the EV industry, reducing carbon emissions. For this, we’re constantly improving our technology and processes to treat all types of Lithium batteries in the global market.”
Follow and connect with us on Facebook, LinkedIn & Twitter
