- The integrated factory will integrate the battery manufacturing capacity of 1 GWh/ 1,000 MWh and 2GWh/ 2,000 MWh of recycling per annum
- Early this year, Lohum had raised $7 million in a new round of funding led by Baring Private Equity Partners (BPEP)
Lohum has announced that it will set-up 3GWh capacity single-location integrated Li-ion battery manufacturing and recycling factory in Greater Noida, Uttar Pradesh within the next 18 months. The integrated factory will integrate the battery manufacturing capacity of 1 GWh/ 1,000 MWh and 2GWh/ 2,000 MWh of recycling per annum.
Lohum plans to undertake investments to the tune of Rs. 300 crores to set up this integrated factory. At present Lohum operates two co-located factories of 300 MWh capacity for manufacturing and recycling Li-ion batteries. In order to further increase their refining efficiency, Lohum is also setting up a smaller recycling unit in Kandla, Gujarat.
According to Rajat Verma, Co-founder LOHUM, the funding process is in progress and in next 3-4 months, they will be able to achieve their target investment, from both existing and new investors.
$7 million in a new round of funding led by Baring Private Equity Partners (BPEP)
He added, “At this stage our immediate goal is to expand our manufacturing as well as recycling capacity, and we do have a very significant bowl. As India moves towards creating gigawatt hour factories, the first and most important requirement will be feedstock. And that is where a company like Lohum steps in. It is because we have the expertise in recycling and reusing, that we are able to provide full stack solution to any automotive company out in the market,” Verma said. We have identified land parcels for this, but at the same time, we will be setting up a smaller unit in Kandla area for recycling perspective”.
Early this year, LOHUM had raised $7 million in a new round of funding led by Baring Private Equity Partners (BPEP).
