Lithium-ion battery recycling startup BatX Energies raises $5M led by Zephyr Peacock, others

BatX Energies, a lithium-ion battery recycling startup, has raised $5 million in a pre-Series A funding round led by Zephyr Peacock, with participation from Lets Venture, JITO Angel Network, and family offices of Mankind Pharma, Excel Industries, BluSmart, among others. 

Transforming used batteries into battery-grade materials

Established in 2020 by Utkarsh Singh and Vikrant Singh, BatX Energies specializes in transforming used batteries into battery-grade materials.

The startup employs a unique hydro-electro process, boasting an impressive 99.95% purity in extracting lithium, nickel, and cobalt. The startup said its process aligns with global sustainability goals, including the UN’s 17 Sustainable Development Goals, and supports India's aim for Net-Zero emissions by 2070.

What is the purpose of fundraising?

The influx of capital will be strategically used to scale up the company’s hydro-electro-based critical material extraction and refining capacities.

Additionally, BatX Energies plans to initiate commercial-scale production of second-life stationary energy storage applications (ESS and BESS) and establish new micro facilities across the country. It also looks towards expansion in the international markets as well.

Reducing the critical material imports

Utkarsh Singh, co-founder and CEO of BatX Energies, said, “We are focused on reducing the critical material imports for India and producing them by recycling, thus making India atma nirbhar. With this growth in capital, we will showcase developments in setting up industry standards.”

“The company is poised to become a crucial stakeholder in the battery supply chain in India, as recyclers will be a significant source of critical materials for Li-ion battery manufacturing. We are excited to partner with them on this journey,” said Pankaj Raina, Managing Director, Zephyr Peacock.

BatX Energies claims that it has recycled over 220 million batteries so far and is uplifting local scrap collectors. The global lithium-ion battery recycling market is poised for significant growth, estimated to reach $7.32 billion by 2028. 

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