Lohum Secures $54 Million for Global Battery Recycling Expansion

Indian cleantech leader targets international growth with fresh funding

LOHUM, India’s leading producer of sustainable materials for the energy transition through battery recycling and repurposing, has secured $54 million (₹450 crore) in Series B funding.

The investment round, led by Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East, will fuel LOHUM’s ambitious global expansion plans. The company aims to scale up its recycling operations across India while venturing into new markets in North America, the European Union, the Middle East, Africa, and Asia.

This significant development positions LOHUM as a pioneer in the circular economy for critical minerals in India. Notably, the company boasts the world’s only end-to-end in-house ecosystem for battery lifecycle management, encompassing recycling, repurposing, material refining, and cathode active material (CAM) production.

“This funding equips us for the next stage of our growth,” said Rajat Verma, Founder & CEO of LOHUM. “It will expedite our international expansion, allowing us to recruit top talent from India’s vast pool and further strengthen our industry-leading R&D efforts.”

Building a Global Cleantech Powerhouse

Investors echoed LOHUM’s potential. “We’re excited to partner with LOHUM in building a global company focused on energy transition materials,” commented Yash Kela, Chief Investment Officer at Singularity Growth. “LOHUM has evolved from a second-life battery provider to a full-fledged material manufacturer, particularly for nickel, cobalt, and pre-CAMs. We were impressed by their global vision and their ability to establish themselves as a leader in complete battery lifecycle management.”

LOHUM’s focus on cost optimization and yield improvement has garnered recognition. “Battery scrap presents a viable solution for India’s material needs,” said Kela. “LOHUM stands out as a thought leader in execution, not just in recycling but across the entire battery value chain.”

The company’s technological advancements address critical challenges in battery energy storage and electric vehicles (EVs). These include high-yield, high-purity recycling processes, optimal EV battery repurposing and second-life applications, battery residual valuation and asset price prediction, and even EV fleet management and battery management systems (BMS).

LOHUM’s fresh influx of capital will further its mission of maximizing battery material lifespan and accelerating sustainable electrification efforts.