Grew Energy to Build 3.2 GW Solar Module Facility in Jammu & Kashmir

East Central Railway Invites Bids for 1.1 MW Rooftop Solar Projects

First Solar’s Thin Film Modules Approved for Use in DCR Solar Projects

THDC Invites Bids for 600 MW-2,000 MW Pumped Storage Projects

India Now Third Largest Solar Power Producer But Emissions Rise in 2023: Report

Flux Power’s Q3 Net Loss Up 83% YoY as Operating Expenses Rise

Researchers Strategize Reduction of Water Use in Solar Cell Manufacturing

Array Technologies Swings to Q1 Loss as Lower Prices Bite

Canadian Solar’s Q1 Profits Dip 85% on Lower Module Demand and Prices

SMA Solar Net Income Plunges 44.8% YoY in Q1 2024 on Increased Costs


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/03/amazon_polly_64333.mp3?version=1710336010">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>India-based battery materials producer <u><a href="https://lohum.com/" target="_blank" rel="noopener">LOHUM</a></u> has raised ₹4.5 billion (~$54 million) in a series B funding from Singularity Growth, <a href="https://www.bpepindia.com/" target="_blank" rel="noopener">Baring Private Equity</a>, <a href="https://www.cactusvp.com/" target="_blank" rel="noopener">Cactus Venture Partners</a><u>,</u> and <a href="https://www.ventureast.net/" target="_blank" rel="noopener">Venture East</a><u>,</u> amongst other new and existing venture firms.</p>
<p>The company will channel these funds to expand its market and scale up its battery materials recycling operations across India. The company will also expand to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia.</p>
<p>LOHUM produces sustainable energy transition materials through battery recycling, raw material refining, and battery repurposing. The company claims to be among the few that houses an end-to-end in-house ecosystem of battery recycling and repurposing, transition materials refining, and Cathode Active Material (CAM).</p>
<p>“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&amp;D innovation center,&#8221; said Rajat Verma, Founder &amp; CEO of LOHUM.</p>
<p>The funding will support the company’s efforts to make battery materials last longer and accelerate sustainable electrification.</p>
<p>&#8220;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,” said Yash Kela, Chief Investment Officer, Singularity Growth.</p>
<p>In 2023, Mercedez-Benz Energy <a href="https://www.mercomindia.com/daily-news-wrap-up-sjvn-382-mw-hydropower-himachal-pradesh" target="_blank" rel="noopener">signed</a> a multi-year agreement with LOHUM for the supply of second-life batteries.</p>
<p>Earlier this year, India <a href="https://www.mercomindia.com/india-unveils-critical-clean-energy-and-cut-imports" target="_blank" rel="noopener">identified</a> over 30 critical minerals, which will halve the country’s import dependence on these minerals for the development of renewables such as electric vehicles and solar.</p>
<p>According to Mercom Capital Group’s newly released <a href="https://mercomcapital.com/product/annual-q4-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Annual and Q4 2023 Funding and M&amp;A Report for Storage &amp; Grid</a>, the global venture capital funding in the energy storage sector in 2023 reached $9.2 billion, a 59% year-over-year increase from $5.8 billion.</p>


Battery Materials Recycler LOHUM Secures ₹4.5 Billion in Series B Funding

baring-private-equity

Get the most relevant India solar and clean energy news.

RECENT POSTS