Lohum eyes $100 mn funding to grab a slice of global EV battery pie
₹300 crore in FY23. Considering the growth and future potential, there is considerable inbound investor interest." Emailed queries to a company spokesperson, as well as Avendus Capital, did not elicit any response till press time. Founded in 2017 by Rajat Verma, Lohum has secured around $63 million in equity funding, and counts Baring Private Equity, Cactus Venture Partners, Venture East and Stride Ventures as its investors.
According to news reports, it has invested over ₹200 crore for setting up a 1 GW recycling unit, and repurposes 300 MW of electric vehicle (EV) batteries. The company offers an end-to-end ecosystem, comprising battery recycling, repurposing, refining transition materials, and integrated battery lifecycle management. On an average, an EV battery lasts up to seven years, or 80,000-100,000 km.
Lohum specializes in repurposing and recycling batteries from EVs and other sources. It also produces battery-grade material, such as lithium salts, cobalt, and nickel, catering to the battery manufacturing supply chain. In March, the company had announced its plans to set up large integrated facilities in Tamil Nadu, the UAE, the US, and Europe.
Currently, it operates two plants, in Delhi-NCR and Gujarat. Lohum's competitors in the industry include Denchi Group, Sunwoda Electronic, Nth Cycle and Li Industries. According to a June 2023 report by Avendus Capital on the circular economy, batteries are a critical component for EVs, constituting 30-50% of the cost.
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