RecycleKaro to invest INR 100 crores in Nickel Metal Plant to meet EV battery demand

RecycleKaro has unveiled its plan to invest 100 crores in setting up a Nickel Metal Plant in Maharashtra. The company aims to establish this facility to complete the circular economy value chain and cater to the growing demand for lithium-ion batteries in India’s electric vehicle market.

Spanning 17 acres, the factory will house a plant capable of producing Nickel Metal from Scrap lithium-ion Batteries and Nickel Hydroxide.

The technology employed involves a temperature-controlled, chemical leaching process that extracts metals from the black mass of scrap lithium-ion batteries and nickel hydroxide. This results in a higher purity nickel metal compound. The plant is expected to yield 1200 tonnes of nickel metal annually, with 30% of the production allocated for use in the upcoming fiscal year, as mentioned by the official statement. RecycleKaro plans to start production by the end of the calendar year.

India’s annual demand for Nickel, which stands at around 45 KTPA, is currently met solely through imports.

While the nickel demand from the lithium-ion battery industry is currently modest, it is projected to surge significantly, potentially increasing up to tenfold by 2030 due to the rising adoption of electric vehicles. This anticipated growth is expected to drive a substantial demand for nickel in lithium-ion batteries, with a projected rise of over 60% by 2040, said a company statement. RecycleKaro aims to contribute to the global lithium-ion value chain with this nickel production plant.

Mr. Rajesh Gupta, Founder and Director of RecycleKaro, commented saying, “Establishing a state-of-the-art Nickel metal plant marks a significant milestone not only for our organization but for the entire electric vehicle (EV) industry. As we stand at the crossroads of a sustainable future, the demand for EVs is poised to surge, and with it, the need for crucial components like Nickel metal for lithium-ion batteries. This Nickel plant isn’t just an investment; it’s a testament to our dedication to shaping an eco-conscious tomorrow.”

Apart from the production benefits, the establishment of the Nickel Metal Plant is expected to create employment opportunities in various areas, like in the main plant, back-office operations, and more, which also aligned with the defined unit volumes. This effort resonates with India’s “Make in India” initiative, fostering employment and contributing to the electric vehicle ecosystem.

Also Read: Lohum and ACKO partner to recycle and reuse batteries under extended battery warranty insurance.