RecycleKaro to Establish Nickel Metal Plant with 100 Crore Investment, Strengthening India’s EV Value Chain

Homegrown Sustainable Battery Recycler Aims to Address Rising Nickel Demand for Electric Vehicles

RecycleKaro, a sustainable lithium-ion battery recycling company, has unveiled an ambitious plan to establish a Nickel Metal Plant in Maharashtra with a substantial investment of 100 crores. This strategic move reinforces RecycleKaro’s commitment to completing the circular economy’s value chain and meeting the rising demand for lithium-ion batteries in India’s electric vehicle market. The initiative also aims to enhance India’s self-reliance by reducing global nickel inventory and lessening dependence on China’s dominance in the sector.

The lithium-ion battery industry, while not currently a major nickel consumer, is projected to experience a tenfold increase in nickel demand for batteries by 2030. The surge in electric vehicle adoption is expected to drive a substantial rise in nickel demand, forecasted to grow by over 60% by 2040. By pioneering this nickel production plant, RecycleKaro seeks to bolster India’s standing in the global lithium-ion value chain.

Spanning 17 acres, the factory will house a plant capable of producing Nickel Metal from Scrap lithium-ion Batteries and Nickel Hydroxide. Employing innovative technology, the plant will extract metals from scrap batteries and nickel hydroxide using an indigenous temperature-controlled chemical leaching process, yielding a higher-purity nickel metal compound. With a targeted annual production of 1200 tonnes of nickel metal, 30% of the production will be allocated for FY 2023-24 use. Production is slated to begin by year-end, with an eventual capacity of 1200 tonnes per annum. Currently, India’s demand for nickel, approximately 45 KTPA, is met entirely through imports.

Mr. Rajesh Gupta, Founder and Director of RecycleKaro, stated, “The establishment of a state-of-the-art Nickel metal plant is a significant milestone for both our organization and the electric vehicle (EV) industry as a whole. With the impending surge in EV demand, the necessity for crucial components like nickel metal for lithium-ion batteries is evident. This Nickel plant is a testament to our dedication to shaping a sustainable future.”

Through the Nickel Metal Plant, RecycleKaro is poised to create a substantial number of employment opportunities, aligning with the unit volumes outlined. These opportunities will span the main plant, back-office operations, and more. The company’s vision is in line with India’s “Make in India” initiative, contributing to employment generation and fostering a robust EV ecosystem.

RecycleKaro’s visionary approach and commitment to excellence have resulted in significant milestones, including the recent successful extraction of valuable metals from scrap automobile catalysts.