Lithium battery recycling startup BatX Energies secured $5 M Pre-Series A funding
The pre-Series A round of funding for the lithium battery recycling startup BatX Energies, led by Zephyr Peacock in collaboration with Lets Venture, has brought in $5 million. Other investors include the family offices of Mankind Pharma, Excel Industries, and BluSmart, as well as previous backers JITO Angel Network.
The money will go toward expanding the company’s market and stepping up recycling initiatives all around the nation.
BatX Energies, founded by Utkarsh and Vikrant Singh, offers OEMs and their clients a full stack recycling and refurbishing solution. Used batteries are converted into materials suitable for batteries. The company claims that it extracts a high yield of 99.95% pure lithium, nickel, and cobalt from the black mass.
According to the startup, 220 million batteries have already been recycled. It backs international sustainability objectives like the 17 Sustainable Development Goals set forth by the UN.
In addition, BatX Energies is empowering nearby scrap collectors by assisting them in entering the formal industry and creating a trustworthy supply network.
