LOHUM secures INR 450 Crore Series B funding for global expansion

LOHUM, a Delhi-based producer of sustainable energy transition materials in India, has secured USD 54 million (INR 450 Crore) in Series B funding from Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East, along with other new and existing venture firms. The funding will be utilized for expanding its market reach globally, scaling up recycling operations in India, and exploring new markets in North America, the EU, the Middle East, Africa, and Asia.

“We at LOHUM are thrilled to be equipped with the necessary resources for the next stage of our development. The funds will expedite our international expansion, enable us to hire top professionals from talent pools in India, expand our strength, and provide fresh tailwinds to our industry-leading R&D innovation center.” expressed Rajat Verma, Founder & CEO of LOHUM.

“We are incredibly excited to partner with Rajat and the LOHUM team in building a global company out of India in energy transition materials. We have seen the company evolve from just being a second-life company to a full-scale material manufacturer, around materials like Nickel, Cobalt, and Pre-CAM materials. What impressed us was not just their ability to think globally from day 1, but the fact that they have been able to expand into the entire battery lifecycle management with India as a node. LOHUM’s constant techno-commercial competence to optimize the cost downwards and increase the yield is a standout. Battery scrap is a very viable way for India to source the required materials, and LOHUM is a clear thought leader and way apart in execution there”. said Yash Kela, Chief Investment Officer, Singularity Growth.

LOHUM is the company with an integrated in-house ecosystem encompassing battery recycling, repurposing, transition materials refining, and Cathode Active Material (CAM) production, facilitating battery lifecycle management. LOHUM addresses various technology aspects associated with Battery Energy Storage and Electric Vehicles (EVs), including recycling efficiency, battery repurposing optimization, residual valuation, asset price forecasting, EV fleet management, and Battery Management Systems (BMS). The recently secured funding is allocated towards extending the lifespan of battery materials to advance sustainable electrification efforts, as claimed by the source statement.

Also read: LOHUM and Altigreen partner for sustainable EV battery disposal