BatX, a start-up initiated in 2020 by Utkarsh Singh and Vikrant Singh, specializes in lithium battery recycling. The company offers a comprehensive recycling and refurbishing solution for OEMs and their clientele, converting used batteries into high-quality battery-grade materials.
BatX Recycling Solution
According to the startup, their business processes can extract an impressive 99.95% pure lithium, nickel, and cobalt from the black mass with a high yield. Leveraging advanced technologies and efficient processes, BatX claims to have successfully recycled 220 million batteries. Notably, BatX Energies is also playing a role in empowering local scrap collectors, facilitating their integration into the organized sector, and contributing to the establishment of a dependable supply chain.
BatX Energies’ approach involves a complete recycling and refurbishing solution tailored for OEMs and their customers. The company focuses on transforming the materials of Li-ion batteries, addressing the environmental challenges associated with their extraction. Despite the significance of these batteries in driving clean and technological advancements, their current extraction methods pose considerable environmental threats, including high carbon emissions, land degradation, excessive water usage, and contamination risks.
BatX Market Potential and Growth Opportunities
India anticipates reaching a cumulative capacity of 600GWn in lithium-ion batteries across diverse sectors by 2030. Approximately 128GWn of these batteries are slated for recycling, with a substantial 59GWn originating from the electric vehicle (EV) sector. BatX is strategically leveraging the burgeoning growth in electric vehicles to offer battery solutions, diminishing reliance on imported raw materials and positioning itself as a pivotal player in the battery supply chain.
BatX Funding and Finances
To date, BatX Energies has raised a total sum of $6.7M over two funding rounds. The latest round of investment came recently on Dec 19, 2023, for a sum of $5 million in a pre-Series A funding round led by Zephyr Peacock, with participation from Lets Venture and existing supporters such as JITO Angel Network and Family offices of Mankind Pharma, Excel Industries, and Blusmart, among others. The start-up has contributions from twelve investors, with Zephyr Peacock India and Mankind Group Family Office being the latest additions.
BatX Competitors
A few major competitors of teh startup has been enlisted below:
i. Circus-Lion
ii. Fitzgerald Enertech
iii. Nvntc.com
iv. Ascent Elements
v. Redwood Materials
BatX- Future Initiatives
With the recent influx of $5 million in funding, BatX aims to advance its commitment to sustainable energy solutions by allocating resources to pioneering research and development endeavors, enhancing the production of high-quality battery-grade materials. These funds will facilitate the expansion of recycled battery-grade lithium, nickel, and cobalt. Additionally, the startup plans to promote the scaling of hy-electro-based critical material extraction and refining capacities, conduct commercial research and development for pCAM development using recycled battery minerals, and establish a production unit for commercial-scale second-life stationary energy storage applications (ESS and BESS).
Given the swift adoption of electric vehicles and personal electronics in India, resulting in heightened demand for imported raw materials, BatX is strategically positioned to play a vital role in the Indian battery supply chain emerging as a key contributor to essential resources for Li-ion battery manufacturing purposes.
