Delhi-based Lohum Cleantech secures funding worth $7 million from BPEP
New Delhi-based startup Lohum Cleantech that manufactures and recycles electric vehicle batteries, has announced that it has raised $7 million in a new round of funding led by Baring Private Equity Partners (BPEP) previously this year.
Lohum plans to increase its manufacturing and recycling capacity for EV batteries up to 700 MWh with this funding round, from its current capacity of 300 MWh (150 MWh for manufacturing and 150 MWh for recycling plant). The firm has a plant in Greater Noida and plans to expand its operations in the US in the coming months.
As per Lohum CEO Rajat Verma, its 150 MWh manufacturing plant has the capacity to produce battery packs for 75,000 electric two-wheelers in the country.
Verma also said that the company plans to raise an additional $20 million (Rs. 150 crore) in funding over the next year. With the rise in electric vehicle (EV) sales across the country, he added, the company expects to grow its revenue by tenfold in the next three years, reaching $65 million.
Lohum Cleantech, founded in 2017 by Verma, Justin Lemmon, and Gazanfar Safvi, manufactures lithium-ion (Li-ion) battery packs and recycles battery materials (cobalt, lithium, nickel, and so on).
The company claims that sales of EV batteries to solar plants and electric two and three-wheeler companies account for 80 percent of its revenue, with 10 percent coming from energy storage systems (ESS) and 10 percent from its recycling business.