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The Indian pack manufacturer Lohum Cleantech which specialize in the use of second life batteries has raised 7 MUSD from Baring Private Equity Partners, Talbros Automotive Compo
nents among other investors. The funds will be used for accelerating the growth in both India and overseas. The company already has precense in the US which it seeks to expand.
Lohum use previously used batteries to produce packs to go into ESS and EVs, especially in the two- and three-wheeler segments. The batteries are then rented out to users which enable Lohum to control the packs and bring them back when they have lost capacity. The company has also developed a combined mechanical and hydrometallurgical recycling process which means they have closed-loop system from end of first life to recycling.
More about the investment here: https://economictimes.indiatimes.com/tech/startups/battery-tech-startup-lohum-raises-7-million-looks-to-raise-21-million-more/articleshow/80318678.cms?from=mdr