BatX Energies raises $5 Million in Pre-Series A round led by Zephyr Peacock
Lithium-ion (Li-ion) battery recycling company BatX Energies raises $5M in Pre-Series A Funding, fueled by Zephyr Peacock in participation with Lets Venture, and existing investors JITO Angel Network and Family offices of Mankind Pharma, Excel Industries, BluSmart, etc. The funds will be used for the company’s market expansion and scaling of recycling operations nationwide.
BatX Energies was established in 2020 by Utkarsh Singh and Vikrant Singh. It has a unit in the Sikandrabad Industrial Area, Bulandshahr, Uttar Pradesh. The company had earlier raised $1.96M over two rounds in 2021 & 2022, respectively.
A company statement said that BatX is poised to make investments to speed the scaling up of the Hy-electro-based critical material extraction and refining capacities, commercial R&D for pCAM development from recycled battery minerals, and commence the commercial scale second life stationary energy storage applications (ESS & BESS) production unit. Additionally, it will support establishing new micro facilities (spokes) across the nation, enhancing their operational footprint for increased accessibility and efficiency.
BatX has already recycled an impressive 220 million batteries to date, added the statement. Furthermore, BatX Energies is empowering local scrap collectors, helping them join the organized sector and building a reliable supply chain, promoting India as a leader in clean and new energy technologies.
Utkarsh Singh, Co-founder & CEO of BatX Energies said, “We are very focused on reducing the critical materials imports for India and producing them by recycling, thus making India Atma Nirbhar. With this growth capital, we will showcase tremendous developments in setting up industry standards. This investment signifies our unwavering commitment to reshaping the energy sector and circular economy.”
“Through strategic allocation of these funds, we’re poised to power our vision of sustainable energy solutions. We’re 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 & CTO, BatX Energies.
“India is witnessing rapid adoption of Electric Vehicles (EVs) and personal electronics. This rapid growth has led to an increase in demand for raw materials, most of which are imported. BatX solves this issue by converting used batteries into critical materials for new batteries. The company is poised to become a crucial stakeholder in the battery supply chain in India as recyclers will be a significant source of critical materials for Li-ion battery manufacturing. We are excited to partner with the BatX team on this journey,” said Pankaj Raina, Managing Director, Zephyr Peacock.
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