BatX Energies Secures ₹41 Crore In Pre-Series A Funding

BatX Energies, a player in Lithium-ion (Li-ion) battery recycling, has raised ₹41 crore in a Pre-Series A funding round. Zephyr Peacock led the funding, joined by Lets Venture, JITO Angel Network, and existing investors, including the Family offices of Mankind Pharma, Excel Industries, and BluSmart. The funding will be pivotal in expanding the production of recycled battery-grade lithium, nickel, and cobalt. Additionally, BatX Energies aims to establish a nationwide reverse logistics network to solidify its presence in the lithium-ion battery manufacturing and EV sector.

Founded in 2020 by Utkarsh Singh and Vikrant Singh, BatX Energies has recycled 220 million batteries, employing a proprietary zero-waste, zero-emission hydro-electro process. This process extracts 99.95 per cent pure Lithium, Nickel, and Cobalt from used batteries, demonstrating the company's commitment to sustainable practices.

Utkarsh Singh, Co-founder & CEO, BatX Energies' said, "We are very focused on reducing the critical materials imports for India and producing them by recycling, thus making India Atma Nirbhar. With this growth capital, we will showcase tremendous developments in setting up industry standards. This investment signifies our unwavering commitment to reshaping the energy sector and circular economy. It advances our mission to amplify efforts towards a sustainable future for generations ahead and job creation for the green sector."

Zephyr Peacock's involvement underscores BatX Energies' role as a stakeholder in the battery supply chain in India. Pankaj Raina, Managing Director at Zephyr Peacock, commented, "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."

With a manufacturing unit in Sikandrabad Industrial Area, Bulandshahr, Uttar Pradesh, BatX Energies has raised a total of ₹16.33 crore over two funding rounds in 2021 and 2022. The recent funding round sets the stage for the company's accelerated growth and its impactful contribution to sustainable practices in the battery recycling industry.