BatX Energies raises Rs 105 crore to expand battery recycling and critical minerals business

Battery recycling startup BatX Energies has raised Rs 105 crore, about $11 million, in a Series A funding round led by IvyCap Ventures.

The round also included existing investors Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office and JITO.

Founded in 2020 by Utkarsh Singh and Vikrant Singh, BatX recovers materials such as lithium, cobalt, nickel and graphite from end-of-life batteries and manufacturing scrap. It said these materials are refined for reuse in the battery supply chain.

The Gurugram-based startup plans to use the raised capital to expand its battery recycling and refining capacity, strengthen research and development, and support the development of a domestic supply chain for critical battery materials. It is also developing capabilities to produce cathode active materials, which are used in lithium-ion battery manufacturing.

“We are now positioned to scale what we have successfully built in India to global markets,” said Utkarsh Singh, co-founder and CEO of BatX Energies.

He said many countries faced similar challenges in securing domestic and sustainable supplies of critical minerals, and that BatX aimed to help build circular and resilient supply chains.

According to the startup, it currently has a battery shredding capacity of 5,000 metric tonnes a year and a hydrometallurgy capacity of 5,000 metric tonnes a year. BatX also said it has a network of micro facilities across India with a combined capacity of more than 20,000 metric tonnes a year, along with battery refurbishing capacity of 20 MWh.

Before the latest round, BatX had raised $5 million in a pre-Series A round led by Zephyr Peacock in December 2023.

Battery recycling has become increasingly important as countries seek to reduce dependence on mined and imported materials, while recovering valuable metals from used lithium-ion batteries.