Lithium-ion battery recycling company BatX raises $5M in pre-Series A round led by Zephyr Peacock
The company plans to use the funds to enhance R&D, expand operations in the verticals of repair, refurbish, and recycle, and establish micro facilities across the country.
Lithium-ion battery recycling company has raised $5 million in a pre-Series A round led by Zephyr Peacock.
The round also saw participation from Lets Venture and existing investors JITO Angel Network
and the family offices of Mankind Pharma, Excel Industries, and BluSmart.
BatX plans to use the funds to enhance commercial research and development, focusing on the extraction of lithium ferro-phosphate salts from used batteries. The company also aims to expand its operations in the verticals of repair, refurbish, and recycle, CEO Utkarsh Singh told YourStory.
The CEO emphasised that maintaining control over R&D is a distinguishing factor for the company and will enable it to keep prices competitive.
BatX has established robust partnerships, particularly with the material science research department of BML Munjal University, he said. These collaborations help in integrating the latest technologies, providing BatX with an edge over competitors, he added.
"We are directing resources towards pioneering R&D initiatives, elevating the production of superior battery-grade materials. This investment propels our mission to expand globally and establish micro facilities nationwide, fostering a future where clean energy is not just a choice, but a standard," said Vikrant Singh, Co-founder and CTO, BatX Energies.
The company also plans to invest in expanding its hy-electro-based critical material extraction and refining capacities, advance commercial R&D for pCAM (precursor cathode active material) development from recycled battery minerals, and initiate the production of second-life stationary energy storage applications.
pCAM is a powder-like substance containing nickel, cobalt and other chemicals and is a one of the main components of lithium-ion batteries.
Founded in 2020, BatX Energies strives to employ environmentally friendly, reusable, chemical-based extraction technologies for lithium-based batteries, with low opex and capex. It operates from Sikandrabad Industrial Area, Bulandshahr, Uttar Pradesh.
Edited by Swetha Kannan