LOHUM Secures USD 54 Million To Fuel Market Expansion Globally The proceeds from the funding will used 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.
By Entrepreneur Staff •
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
LOHUM, a producer of sustainable energy transition materials via battery recycling & raw material refining, and battery repurposing, has raised USD 54 Million in series B funding from Singularity Growth, Baring Private Equity, Cactus Venture Partners & Venture East amongst other new and existing venture firms.
According to the company, the proceeds from the funding will used 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. This development positions LOHUM at the forefront of circularity in critical minerals across India.
"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 centre," Rajat Verma, Founder & CEO, LOHUM said.
Meanwhile, Yash Kela, Chief Investment Officer, Singularity Growth said that they were impressed by the fact that LOHUM has been able to expand into the entire battery lifecycle management with India as a node.
"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," he said.
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.
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 - integrated battery lifecycle management.
