BatX Energies raises $5 million in early stage funding

NEW DELHI: Battery recycling startup BatX Energies on Tuesday said it raised $5 million (over Rs 40 crore) in an early stage funding round led by Zephyr Peacock.

Lets Venture as well as existing investors JITO Angel Network and family offices of Mankind Pharma, Excel Industries, and BluSmart also participated in the pre-Series A funding round, BatX Energies said in a statement.

The infusion of fresh funds will help scale up recycled battery-grade lithium, nickel and cobalt production and establish a secured nationwide reverse logistics network for sourcing, it added.

"Through strategic allocation of these funds, we're poised to power our vision of sustainable energy solutions. We're directing resources towards pioneering R&D initiatives, elevating the production of superior battery-grade materials," BatX Energies Co-founder & CTO Vikrant Singh said.

He further said, "This investment propels our mission to expand globally and establish micro facilities nationwide, fostering a future where clean energy is not just a choice, but a standard."

On the investment, Zephyr Peacock Managing Director Pankaj Raina said India is witnessing rapid adoption of electric vehicles (EVs) and personal electronics. This rapid growth has led to an increase in demand for raw materials, most of which are imported.

"BatX solves this issue by converting used batteries into critical materials for new batteries. The company is poised to become a crucial stakeholder in the battery supply chain in India as recyclers will be a significant source of critical materials for Li-ion battery manufacturing," he added.