The $54 million Series B funding round for the battery tech startup LOHUM was made public. The investors included both new and established venture firms, including Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East.
The company said in a press release that LOHUM will use these monies to support its market expansion and scale up recycling operations throughout India. It will also grow into new markets in the EU, MENA, and North America that are transitioning to clean energy.
The company has already raised over $37 million in several tranches, and after the most recent tranche was allocated, its valuation was estimated to be around $422 million.
Lohum asserts that through integrated battery recycling, raw material refining, and battery repurposing, it is one of the biggest producers of sustainable energy transition materials. Additionally, the business claimed that its technology for extracting and recycling lithium-ion battery material produces no waste and regenerates materials of the highest caliber.
The business recycles EV batteries to create energy storage systems (ESS) with a second life for grid stabilization and renewable energy storage.
Early in 2024, LOHUM intends to have an internal ecosystem for integrated battery lifecycle management, which includes battery recycling, battery repurposing, transition material refining, and Cathode Active Material (CAM).
Lohum also had a successful fiscal year, with revenue nearly tripling to Rs 308 crore from Rs 106 crore in FY23. For the previous three fiscal years, the company reported profits consecutively.
