BatX Energies secures $1.6 million in a seed round of funding led by JITO Angel Network
- ByStartupStory | June 24, 2022
In a seed fundraising round sponsored by JITO Angel Network, the top start-up for recycling lithium-ion batteries in India, BatX Energies Pvt. Ltd., raised $1.6 million. BatX Energies has created a patented Zero Waste – Zero Emission technique to extract vital Rare Earth metals from used lithium-ion batteries, including lithium, cobalt, nickel, and manganese.
The company aims to source and process locally and to increase job opportunities for skilled workers in the electronic waste management industry by investing heavily in advanced R&D for producing battery-grade materials, scaling up their capacity, and setting up micro facilities (spokes) across the nation.
With the help of this funding round, BatX Energies will build a large-scale rare earth battery material extraction facility that incorporates AI and take the lead in India. In the next three years, BatX Energies plans to recycle one billion lithium-ion cells, drastically reducing carbon footprints and creating sustainable battery materials for new battery production.
Vikrant Singh, co-founder & CTO of BatX Energies stated, “With this investment, we plan to close the demand and supply gap for lithium, cobalt, nickel, and manganese in the electric vehicle industry while reducing carbon emissions. For this purpose, we are constantly enhancing our technology and processes to treat all kinds of lithium batteries circulated in the global market.”
Sunil Singhvi, the VC of JITO Angel Network said, “We are pleased to partner with a business whose products might significantly lower the price of lithium-ion batteries for use in electric vehicles (EVs). Given that India lacks stocks of rare metals. Also, solutions like these and assistance of investors in the sector can considerably speed EV adoption and lessen dependence on imported Lithium-ion in the nation.”
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