Li-ion battery recycler BatX Energies raises $5-M led by Zephyr Peacock

Gurugram-based BatX Energies, a lithium-ion (Li-ion) battery recycling startup, has raised USD 5 million in a pre-Series A funding round led by Zephyr Peacock.The round also saw participation from Lets Venture, existing investors JITO Angel Network, and family offices of Mankind Pharma, Excel Industries and BluSmart. The company will use the funds to fuel its market expansion and for scaling up of recycling operations across India. Set up in 2020, BatX Energies claims to transform used batteries into battery-grade materials. Its IP and proprietary zero-waste, zero-emission hydro-electro process can extract 99.95 % pure lithium, nickel, and cobalt from the black mass. So far, it has recycled 220 million batteries.