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

The spherical additionally included present investors Zephyr Peacock, Mankind Pharma Household Workplace, Excel Industries Household Workplace and JITO.

Based in 2020 by Utkarsh Singh and Vikrant Singh, BatX recovers supplies akin to lithium, cobalt, nickel and graphite from end-of-life batteries and manufacturing scrap. It stated these supplies are refined for reuse within the battery provide chain.

The Gurugram-based startup plans to make use of the raised capital to broaden its battery recycling and refining capability, strengthen analysis and improvement, and assist the event of a home provide chain for essential battery supplies. It is usually growing capabilities to provide cathode energetic supplies, that are utilized in lithium-ion battery manufacturing.

“We are actually positioned to scale what we’ve got efficiently inbuilt India to world markets,” stated Utkarsh Singh, co-founder and CEO of BatX Energies.

He stated many international locations confronted comparable challenges in securing home and sustainable provides of essential minerals, and that BatX aimed to assist construct round and resilient provide chains.

Based on the startup, it presently has a battery shredding capability of 5,000 metric tonnes a yr and a hydrometallurgy capability of 5,000 metric tonnes a yr. BatX additionally stated it has a community of micro amenities throughout India with a mixed capability of greater than 20,000 metric tonnes a yr, together with battery refurbishing capability of 20 MWh.

Earlier than the newest spherical, BatX had raised $5 million in a pre-Collection A spherical led by Zephyr Peacock in December 2023.

Battery recycling has develop into more and more vital as international locations search to cut back dependence on mined and imported supplies, whereas recovering helpful metals from used lithium-ion batteries.