New Delhi : Lithium-ion battery pack manufacturer Lohum on Monday said it has raised USD 7 million (over Rs 50 crore) in a funding round led by Baring Private Equity Partners.
Apart from Baring Private Equity Partners, the other investors in the first round of institutional funding include Talbros Automotive Group, Lohum said in a statement.
“The investment raised will ensure that Lohum expands its manufacturing capabilities and its product offerings multi-fold. In 2021 one of our key focuses is to expand our dealer network across the country and also increase overseas operations,” Lohum Founder & CEO Rajat Verma said.
Baring Pvt Equity Partners, Partner Arul Mehra said Lohum has a pioneering approach to lithium-ion battery manufacturing and recycling and is poised to benefit from the coming wave of electric vehicles and stationary storage.
“Their vertical integration into first life and second life batteries along with recycling makes them an ideal partner for original equipment manufacturers aiming for cost-effective and sustainable battery solutions,” Mehra said.
Noida-based Lohum designs and manufactures lithium-ion batteries, re-manufacture and re-purpose used battery packs and recycles geostrategic battery materials such as lithium, cobalt and graphite.
Last year, the company had launched its second manufacturing unit in Greater Noida with a production capacity of 300MWh divided evenly between pack production and recycling.
The company said it already has presence in the US in Washington DC and Los Angeles and is working with original equipment manufacturer (OEMs) for battery pack and recycling solutions and the first recycling plant in the US is planned for 2022.
“We see a very unique opportunity because the entire world is shifting to battery power at the same time in two of the largest global industries – mobility and energy. These industries will look vastly different in 10 years and we want our solutions to play a significant role in that transition,” Lohum Co-founder & Head of International Operations Justin Lemmon said. PTI RKL DRR DRR