Lohum and ACKO partner to recycle and reuse batteries under extended battery warranty insurance

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Battery reuse and recycling solutions provider LOHUM has partnered with insurance company Acko for EV battery insurance. Under the partnership, ACKO will continue to provide performance warranty insurance for EV batteries to multiple OEMs and offer redressal in case of performance-related issues. Lohum will work towards collecting, repurposing, and recycling used batteries that will come back as a result of liability from the product, thereby producing sustainable Lithium-ion raw materials for new batteries. The goal is to extract the maximum possible salvage value from ACKO’s entire portfolio of underwritten batteries and add sustainability to the already unique and consumer-centric product.

The collaboration will benefit EV battery OEMs that have their products underwritten by ACKO. It will also pave the way for Lohum to partner with OEMs to launch battery buy-back products for customers and improve the overall vehicle resale value.

One of the most significant barriers to EV ownership is the cost of battery replacement. Lohum and ACKO aim to ensure customers have complete peace of mind in their overall EV buying journey. 

Rajat Verma, Founder & CEO of Lohum, said, “We are delighted to partner with ACKO to weave sustainability into India’s first EV battery performance warranty insurance. We applaud ACKO’s emphasis on performance warranty, which ensures that customers get immediate replacements as soon as the battery performance drops, even by a small margin over time.”

“The Battery Waste Management Rule of 2022 says that it is imperative to have end-to-end tracking of batteries to ensure safe disposal. Our strategic partnership with Lohum will help OEMs comply with the necessary EV-specific rules, which will act as a catalyst for achieving network effects and efficiency in the Indian circular economy and act as a stellar nursery for India’s EV ecosystem,” said Animesh Das, Chief Underwriting Officer, ACKO.