Lithium-Ion Battery recycling start-up BatX Energies has raised $1.6 million (approximately INR 13 crore) in a seed funding round led by JITO Angel Network.
The start-up aims to use the investment to expand its footprints in the domestic and international markets. BatX Energies claims to have developed a proprietary Zero Waste – Zero Emission technology to extract critical Rare Earth metals, namely Lithium, Cobalt, Nickel and Manganese from scrap Lithium-Ion batteries.
Vikrant Singh, Co-Founder and CTO, BatX Energies, 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 which we are constantly enhancing our technology and processes to treat all kinds of Lithium batteries circulated in the global market.'
BatX will now establish a commercial-scale rare earth battery materials extraction plant integrated with AI in India. The company will start specific material extraction via their proprietary chemical process in Q3FY23.
Utkarsh Singh, Co-Founder, and CEO, BatX Energies, said, 'As India doesn’t have Lithium Cobalt, Nickel and Manganese as natural resources, recycling used Lithium-Ion batteries is the only way to produce them in India. These materials can be used infinitely in a closed loop.'
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