Battery lifecycle management startup LOHUM raises $54M to fuel market expansion
LOHUM will use the funds to expedite international expansion, hire professionals, and strengthen its R&D innovation centre.
Lithium-ion battery pack maker and recycling firm has secured $54 million (Rs 450 crore) in a Series B funding round from Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East, among other new and existing investors.
The company plans to use the funding to fuel LOHUM’s market expansion, scale up recycling operations across India, and expand to new energy transition materials markets in North America, the European Union, the Middle East, Africa, and Asia.
“We at LOHUM are thrilled to be equipped with the necessary resources for the next stage of our development,” said Rajat Verma, Founder and CEO of LOHUM.
The funds will expedite LOHUM’s international expansion, enable the company to hire top professionals, expand its strength, and provide fresh tailwinds to our industry-leading R&D innovation centre, he added.
“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,” said Yash Kela, Chief Investment Officer, Singularity Growth.
"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 Kela.
LOHUM, which won the grand award of 'Most Innovative Company' at CII Industrial Innovation Awards 2022, deals in high-yield high-purity recycling, optimal EV battery repurposing and battery second life, battery residual valuation and asset price prediction, as well as EV fleet management, and battery management system.
Edited by Kanishk Singh
