Attero Recycling to invest Rs. 300 crore for capacity expansion up to 11,000 MT
Attero Recycling has announced that it will be investing Rs 300 crore in lithium-ion recycling over the next nine months, with the influx of funds that will be utilized to ramp up the company's recycling capacity by 11 times to 11,000 metric tonnes from its current capacity of 1,000 metric tonnes per annum.
Through this, Attero Recycling anticipates capturing 22 percent of the total potential market size by October 2022. Attero Recycling partnered with various car makers and electronics companies for the collection of end-of-life batteries and sustainably recycling them. The company at present has a 90 percent market share of automobiles and electronic OEMs.
Bolstering the EV ecosystem, Attero Recycling also partnered with MG Motors to reuse and recycle Li-ion batteries fitted in the brand's ZS EV units.
Nitin Gupta, CEO & co-founder, Attero Recycling states, "Recycling Li-ion batteries is the need of the hour to ensure sustainable development of our country. Almost 30 percent of the value for lithium-ion batteries comes from metals that make it and India does not have any reserves of cobalt or lithium. By ensuring that the recycling infrastructure in the country can grow and meet India's current local demand, we want to make India Atmanirbhar in battery materials."
