Indian lithium-ion (Li-ion) battery recycling startup BatX Energies has successfully raised $5 million (approximately INR 41 crore) in its Pre-Series A funding round. The funding was led by Zephyr Peacock, with participation from LetsVenture and existing investors, including JITO Angel Network, family offices of Mankind Pharma, Excel Industries, and BluSmart.
BatX Energies, founded in 2020 by Utkarsh Singh and Vikrant Singh, intends to utilize the fresh capital to enhance the production scale of its recycled battery-grade lithium, nickel, and cobalt. The company also plans to establish a nationwide reverse logistics network for sourcing materials.
The startup prides itself on its ability to extract 99.95% pure lithium, nickel, and cobalt from the black mass of Li-ion cells using a proprietary zero-waste, zero-emission hydro-electro process. BatX Energies claims to have successfully recycled 220 million batteries to date. With the newly acquired funds, the company aims to strengthen its research and development (R&D) initiatives in battery recycling.
Utkarsh Singh, Co-founder of BatX Energies, expressed the company’s vision for a transformative approach to the extraction of Li-ion battery materials, addressing the environmental complexities associated with current extraction methods. He highlighted the environmental challenges, including high carbon emissions, land degradation, excessive water usage, and contamination risks.
Pankaj Raina, Managing Director at Zephyr Peacock, commented on India’s increasing adoption of electric vehicles (EVs) and personal electronics, leading to a surge in demand for raw materials, most of which are imported. BatX Energies aims to solve this issue by converting used batteries into critical materials for new batteries, positioning itself as a crucial stakeholder in the battery supply chain in India.
The startup has raised a total of $1.96 million in funding to date. BatX Energies faces competition from industry players such as Lohum, Attero, and Peak XV-backed Metastable Materials.
As sustainability and achieving net-zero goals become key priorities, investments in waste management, recycling, and circular economy initiatives are on the rise. According to Inc42’s analysis, waste management has accounted for more than one-fourth of the total funding in climate tech in India this year.
