March 13, 2024

LOHUM secures USD $54 Million (₹450 Crore) in Series B Funding to fuel market expansion globally

Press Release

LOHUM secures USD $54 Million in Series B Funding

New Delhi, March 13, 2024: LOHUM, India’s largest producer of sustainable energy transition materials via battery recycling & raw material refining, and battery repurposing, raised $54 Million (₹450 Crore) in series B funding from Singularity Growth, Baring Private Equity, Cactus Venture Partners & Venture East amongst other new and existing venture firms.

LOHUM will use these funds to fuel its market expansion, scaling up recycling operations across India, and also expanding to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia. The development positions LOHUM at the forefront of circularity in critical minerals across India.

As of early 2024, LOHUM is the only company in the world to have an end-to-end in-house ecosystem of battery recycling, battery repurposing, transition materials refining, Cathode Active Material (CAM), i.e. –  integrated battery lifecycle management.

“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”. said Yash Kela, Chief Investment Officer, Singularity Growth.

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.” added Yash Kela.

LOHUM is an engine of innovation that has surmounted many technology gaps in the viability of Battery Energy Storage and EVs, like high-yield high-purity recycling, optimal EV battery repurposing & battery second life, battery residual valuation and asset price prediction, as well as EV fleet management and BMS. This influx of funding will go towards the company’s mission to make battery materials last forever and accelerate sustainable electrification.

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