LOHUM and Stride Green partner to finance up to 5000 electric vehicles

LOHUM, an Indian critical minerals producer and battery recycling company, and Stride Green, an asset finance platform, have partnered to finance up to 5000 electric vehicles by underwriting the residual value of batteries over the next couple of years.

By leveraging its technology, LOHUM is offering a put option for Stride Green to mitigate residual value risk and assist in market penetration.

LOHUM, as an Extended Producer Responsibility (EPR) partner registered under India’s Battery Waste Management Rules (BWMR 2022), will enable Stride Green to provide its partners with EV fleet battery recycling and reuse solutions. This association aims to help Stride Green partners obtain valuations for batteries at their end-of-life, reducing CO2 emissions and extracting additional value from existing EV battery assets.

“We applaud Stride Green’s dedication to supporting deep-tech innovation through LOHUM as a technology partner. By adopting LOHUM’s technologies for battery asset and EV Fleet management, Stride Green has taken yet another leap towards accelerating the clean energy transition at home and across the ecosystem,” said Rajat Verma, Founder & CEO of LOHUM on the partnership.

Vivek Jain, Co-founder and CBO at Stride Green said “This partnership with LOHUM marks a significant step in enhancing our battery lifecycle management capabilities. This collaboration aligns with our commitment to environmental stewardship and allows us to leverage LOHUM’s advanced technologies to optimize value from EV batteries efficiently. By doing so, Stride Green reinforces its role in leading sustainable asset finance solutions and advancing the clean energy transition in India.”

The agreement aims to promote sustainable electric mobility and innovative energy transition solutions in India, while reducing the demand for mined primary battery raw materials.

Also read: Driving battery recycling and second-life solutions | Chat with Rajat Verma, Founder and CEO, LOHUM