LOHUM
Lohum to invest '1kcr in battery production
Lithium-ion battery pack manufacturer and recycling company Lohum on Wednesday announced it will invest '1,000 crore in the next three years to develop and manufacture manganese-based lithium-ion batteries Further, the company said it has roped in Tesla veteran Chaitanya Sharma to help in the project.
India offers $500 billion investment opportunity in clean energy: Commerce secretary
India's commerce secretary Sunil Barthwal announced at the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum in Singapore that India presents an investment opportunity exceeding $500 billion in the clean energy sector, including renewables, green hydrogen, and electric vehicles by 2030. The forum, consisting of 14 countries like India, Australia, and the US, has identified investment prospects totaling $23 billion for sustainable infrastructure projects in the Indo-Pacific region.
India offers above $500 bln investment opportunity in clean energy value chain
India offers a $500 billion investment opportunity in clean energy by 2030 at the IPEF Clean Economy Investor Forum in Singapore, resulting in $23 billion investment opportunities for sustainable infrastructure projects in the Indo-Pacific.
India offers USD 500 billion investment opportunities in clean energy, other sectors by 2030
New Delhi India offers huge investment opportunities worth over USD 500 billion, particularly in clean energy value chain including renewables, green hydrogen and EV, by 2030, the commerce ministry said on Thursday. This was stated by Commerce Secretary Sunil Barthwal, who is in Singapore for the two-day meet of the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum.
Singularity appoints Sandeep Bapat as co-chief investment officer and senior partner
Sandeep Bapat appointed as co-chief investment officer at Singularity Growth, focusing on key sectors. His experience at Trifecta Capital, Harvard, and involvement in various investments adds value to the team amidst VC departures in India.
ETtech Deals Digest: Startup funding in March falls 37% to $623 million
Technology startups raised $622.5 million in March 2024, a 37% decline from the previous year. Blume Ventures was a prominent investor, supporting startups in health monitoring, digital lending, and sustainable packaging.
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Paytm moves PoS terminals to RBL Bank; CCI orders probe on Google
Paytm’s point of sale (PoS) terminals for processing card payments are being moved to RBL Bank. This and more in today’s ETtech Top 5.
ETtech Deals Digest: Perfios, Lohum deals boost startup funding nearly 3x to $187 million this week
The two deals helped push up overall funding numbers by nearly three times to $186.6 million, deployed across 10 deals. This was up 188% from $64.9 million across 32 deals in the same week a year ago – March 9 to March 15, 2023.
Battery recycling firm Lohum raises $54 million in funding
Sources told ET that the funding happened at a valuation of around $500 million. Nearly 90% of the funding came in equity, with the rest being venture debt from Stride Ventures.
Decoding the digital competition law; Perfios turns unicorn
India’s consumer internet firms have expressed reservations about the ex-ante framework in the proposed digital competition law. This and more in today’s ETtech Top 5.
Lohum raises USD 54 million to fuel its market expansion
The company 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, it said.
Investors bet on new-age food startups; ride-hailing apps up driver incentives
New-age food startups seem to have become appetising enough for investors to pump in money. This and more in today’s ETtech Morning Dispatch.
Battery tech startup Lohum raises $14 million in funding
Mumbai-based Singularity Growth, which counts CaratLane founder Mithun Sacheti among its backers, put in Rs 55 crore in this round of funding, with Vyoman India bringing in Rs 11 crore and Baring Private Equity contributing Rs 10 crore, filings with the Registrar of Companies (ROC) showed.
ETtech Deals Digest: Startup funding drops 17% to $155 million this week
Companies, across seed, early and late-stages, had raised about $185 million from 31 rounds in the period from February 3 to February 9, 2023, as per data from Tracxn. The most significant amount of capital raised this week was in the early stage, at about $122.6 million, accounting for about 79% of the overall deal value. Seed-stage funding came next at $23.5 million, commanding 15%.
Cactus Venture Partners logs final close of maiden fund at Rs 630 crore
Cactus Venture Partners, an early growth-stage venture investment firm, has secured a total corpus of about Rs 630 crore (about $75.9 million). It will invest in about 15 companies in total, general partners Rajeev Kalambi and Amit Sharma told ET. The fund was formed in January 2021 and has already made 6 investments.
How battery recycling can help EVs to be truly green
Batteries of EVs after their usage need to be accurately managed to avoid them being harmful to the environment. One solution to this problem could be ‘Battery Recycling’ and ‘Battery Reusing’, if the battery cells are accurately processed. This opens up a platform where manufacturers of automobiles and EVs can extract valuable minerals and other materials through an effective battery recycling process.
Is India's infrastructure ready to be electrified?
India is experiencing a significant growth in electric vehicle (EV) sales, with a 112% year-on-year increase in EV sales from April to September 2023. However, the country's lack of public charging infrastructure poses a challenge to the widespread adoption of EVs. India needs a minimum of 1.32 million charging stations by 2030 to meet the demand for EVs. Additionally, recycling EV batteries is crucial to extract valuable resources and reduce manufacturing costs. Companies like Log9, Tata Chemicals, and Attero Recycling are involved in lithium-ion battery recycling. The Indian government has also released draft regulations and provides export-driving schemes to promote battery recycling.
College campuses turn battleground for EV industry's talent war in India
India's electric vehicle (EV) industry is aggressively recruiting talent from engineering colleges for various roles in research and development, design, production, and management. Companies like Tata Motors, Hero MotoCorp, and Ola Electric are among those recruiting from top campuses such as NIT Calicut and IIT-BHU.
Indian lithium-ion battery recycling firm Lohum enters Nepal
Lohum said the partnership will entail an estimated recycling of 200,000 batteries, and the production of battery materials over five years from the batteries of EV brands sold by the partners.
Green jobs: Potential for MSMEs in e-waste repair & recycling space
With a rise in e-waste, small businesses have seen a big opportunity to make the most of it via repair and recycling.
Altigreen and LOHUM join hands to recycle batteries
Altigreen has partnered with LOHUM to establish an innovative framework for effective battery recycling solutions. The partnership will enable LOHUM to recycle 1 GWh of Altigreen EV cargo vehicle batteries over the next three years, recovering 95% of high-purity battery raw materials that can be used to manufacture new batteries. The initiative will allow Altigreen to minimize its carbon footprint while responsibly managing the end-of-life batteries from its electric vehicles, reducing waste and contributing to the overall growth of the EV industry.
Lohum partners MG Motor India for second-life EV battery solutions
Integrated battery recycling and repurposing solutions provider Lohum on Monday said it has teamed up with MG Motor India to develop second-life solutions for the car maker's EV batteries. Under the collaboration, Lohum will reuse end-of-first-life batteries of MG electric vehicles to build 2nd-life Battery Energy Storage Systems (BESS) for a wide variety of clean energy applications in domestic urban and rural markets.
World Earth Day: Polluted India needs to go extra mile with EVs
The capital city of India ranks 4th on list of world’s most polluted cities, according to IQAir, and many other cities are not too far behind where humans and plants too are engulfed in evil smoke. The hazardous level of pollution across metros and even in lower tier cities in India that is sizzling with heat waves necessitates finding alternatives to pollution-causing elements and switching to a more eco-friendly lifestyle.
Mercedes-Benz Energy to repurpose EV batteries; inks partnership with Indian startup Lohum
MBE and Lohum have been working together for nearly two years. The agreement will enable Lohum to secure high volumes of second-use battery modules from MBE. Once these second life modules reach end-of-life, Lohum will offer a buy-back guarantee to recycle them through its hydromet plant. Both MBE and Lohum held that second life combined with recycling offers the best solution for sustainability and value creation in the long term.
Lithium-ion battery pack maker Lohum targets 3-fold jump in topline to Rs 300 cr
Lohum Cleantech is looking to expand at a faster pace to meet the needs of the market. At the end of this financial year, the company is expecting to triple its revenue from Rs 110 crore achieved in FY22, the Greater Noida-based firm said.
Lohum Cleantech to supply battery materials worth $200 million to Glencore
Lohum will supply $200-million worth of specialty chemicals for the battery supply chain, including cathodes, sulphates, carbonates and oxides of various metals extracted from spent lithium-ion batteries and other sources. The agreement comes into effect from 2023.
Battery pack manufacturing and recycling startup Lohum Cleantech to raise $100 million in Series B funds
The funds raised will be used to increase recycling capacity to 1 million units per annum, said Rajat Verma, who is also the chief executive of the Uttar Pradesh-based company. He expects to close the financing round in the next three-four months.
Indian EV industry records INR 25,045 crore investments in last seven months
Meanwhile an independent study conducted by the CEEW Centre for Energy Finance (CEEW-CEF), says the EV market in India will be worth USD 206 billion by 2030 if India maintains steady progress to its 2030 target.
Lithium-ion battery maker Lohum to invest up to Rs 250 crore in three years on capacity expansion
The company, which currently has battery manufacturing capacity of 300 megawatt-hours per annum, plans to set up a new unit at Greater Noida to take its total battery manufacturing capacity to a "gigawatt-hour scale".
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