On Tuesday, BatX Energies secured $5 million in funding from Zephyr Peacock and Lets Venture, with participation from existing investors JITO Angel Network, and family offices of Mankind Pharma, Excel Industries, and BluSmart. The startup will use the capital to scale up its Hy-electro-based critical material extraction and refining capacities, conduct commercial R&D for pCAM development from recycled battery minerals, and launch the commercial-scale production unit for second-life stationary energy storage applications (ESS & BESS).
How BatX Energies Plans to Utilise the Funding
Utkarsh Singh, BatX Energies’ Co-founder & CEO, stated,
“With this growth capital, we will showcase developments in setting up industry standards, signifying our unwavering commitment to reshaping the energy sector and circular economy.”
The startup plans to invest in scaling up Hydrogen electrode-based critical material extraction and refining capacities, advancing commercial R&D for PCAM development from recycled battery minerals. Additionally, the funding will expedite BatX’s market expansion in and outside India, supporting the establishment of new micro facilities nationwide. Singh emphasised BatX’s vision for a transformative approach to Li-ion battery material extraction, addressing environmental complexities and making India self-reliant.
BatX Energies Transforms Used Batteries for Sustainability
Founded in 2020 by Utkarsh Singh and Vikrant Singh, the startup ingeniously converts used batteries into battery-grade materials, extracting 99.95% pure Lithium, Nickel, and Cobalt from the high-yield black mass. BatX Energies actively champions global sustainability, aligning with initiatives such as the UN’s 17 Sustainable Development Goals and India’s commitment to achieving net zero emissions by 2070.
BatX Energies is Scaling Up Hydrogen-Based Material Extraction
The startup plans to invest in scaling up Hydrogen electrode-based critical material extraction and refining capacities. Additionally, it will conduct commercial R&D for the development of precursor cathode active materials (PCAM) from recycled battery minerals. PCAM, a mixed-metal hydroxide of nickel, cobalt, and other elements, is produced through precipitation. This strategic move aims to provide a comprehensive recycling and refurbishing solution for original equipment manufacturers (OEMs) and their customers.
BatX Addresses Raw Material Demand Surge in India
Pankaj Raina, Managing Director at Zephyr Peacock, stated, “BatX is poised to become a crucial stakeholder in the battery supply chain in India,” as the company actively resolves the escalating demand for raw materials driven by the rapid adoption of electric vehicles and personal electronics through its innovative approach of converting used batteries into critical materials for new batteries.