Lithium-ion battery recycling company Batx Energies has secured $5 million in a pre-Series A funding round led by Zephyr Peacock. The round also saw participation from Lets Venture and existing investors JITO Angel Network and the family offices of Mankind Pharma, Excel Industries, and BluSmart. The company plans to utilize the funds to bolster its commercial research and development efforts, with a focus on extracting lithium ferro-phosphate salts from used batteries. Additionally, BatX aims to expand its operations in the areas of repair, refurbishment, and recycling, according to CEO Utkarsh Singh.
Singh emphasized that maintaining control over research and development is a key differentiator for BatX Energies, enabling the company to keep prices competitive. BatX has forged strong partnerships, particularly with the material science research department of BML Munjal University, to integrate the latest technologies, providing the company with a competitive edge over its rivals.
“We are directing resources towards pioneering R&D initiatives, elevating the production of superior battery-grade materials. This investment propels our mission to expand globally and establish micro facilities nationwide, fostering a future where clean energy is not just a choice, but a standard,” said Vikrant Singh, Co-founder and CTO of BatX Energies.
In addition to enhancing its critical material extraction and refining capacities using hy-electro-based processes, BatX Energies plans to advance commercial R&D for pCAM (precursor cathode active material) development from recycled battery minerals. The company also aims to initiate the production of second-life stationary energy storage applications. pCAM is a powder-like substance containing nickel, cobalt, and other chemicals and is a crucial component of lithium-ion batteries.
Founded in 2020 by Utkarsh Singh and Vikrant Singh, BatX Energies is dedicated to employing environmentally friendly, reusable, chemical-based extraction technologies for lithium-based batteries, with a focus on minimizing operational and capital expenses. The company operates from the Sikandrabad Industrial Area in Bulandshahr, Uttar Pradesh.
Desk
Verified JournalistDiscover the latest startup, business, and funding news. Get insights on trends, IPOs, mergers, and acquisitions. Perfect for entrepreneurs, investors.