Battery Tech Startup Lohum Secures $54 Million in Series B Funding Round, Eyes Market Expansion
Lohum, a lithium-ion battery pack maker and recycling firm, has made headlines by securing $54 million (Rs 450 crore) in a Series B funding round. Several new and existing venture firms, including Singularity Ventures, Baring Private Equity, Cactus Venture Partners, and Venture East, amongst others, also participated in the funding round.
As per the startup, the freshly raised capital will be used to fuel its market expansion, scaling up recycling operations across India. The funding will also enable the startup to expand to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia.
Lohum | Lithium-Ion Battery Recycling Firm
Founded by Rajat Verma, Lohum is a leading eco-friendly battery material firm advancing climate-tech via low-carbon lithium-ion battery recycling, producing sustainable battery metals & chemicals from used batteries.
The firm claims to have an integrated battery lifecycle management system. This includes an end-to-end in-house ecosystem of battery recycling, transition materials refining, battery repurposing, and Cathode active material.
Speaking on the development, Rajat Verma, Founder & CEO of Lohum, said,
“The funds will expedite our international expansion, enable us to hire top professionals from talent pools in India, expand our strength, and provide fresh tailwinds to our industry-leading R&D innovation centre.”
Statement from the Investor
Commenting on the development, Yash Kela, Founder and Chief Investment Officer, Singularity Ventures, highlighted Battery scrap as a very viable way for India to source the required materials. Kela continued and added that Lohum has been able to expand into the entire battery lifecycle management with India as a node.
Lohum creates enhanced customer value through 3 primary technologies:
- Lithium-ion battery manufacturing
- Battery reuse
- Battery material recycling
The battery technology startup claims to be one of the top producers of materials essential for the sustainable energy transition. Lohum has achieved this through integrated battery recycling & raw material refining, and battery repurposing.
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