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The Indian remanufacturer and recycler of lithium-ion batteries, which repurpose used batteries into energy storage and lead-acid replacement drop-in packs for three-wheelers, is planning to raise $100M to scale its manufacturing and recycling in India as well as establish recycling in Europe and the US.
In its plant in Greater Noida, Uttar Pradesh, Lohum has a capacity to produce 200,000 battery packs, equal to about 200 MWh, out of used batteries which primarily are deployed in two- and threewheelers in India. It also has a recycling plant at a capacity of 1,000 tonnes of cells. With the planned raise Lohum expects to increase its manufacturing capacity to 1 GWh while the recycling capacity will be expanded to around 10,000 tonnes. Except for India the company plans to open its first recycling plant in the US during 2022 and is also evaluating establishment in Europe, both markets where a lot of the feedstock is collected today.
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