Battery tech startup LOHUM is revving its engine for growth after securing a whopping $54 million in its Series B funding round. This significant investment, led by Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East, will fuel LOHUM’s mission to become a leader in sustainable battery solutions.
Fueling Market Expansion and Sustainability
LOHUM plans to utilize these funds strategically to achieve several key objectives:
- Market Expansion: The startup aims to expand its footprint across India, reaching more customers and industries. But that’s not all—LOHUM has its sights set on global markets as well. It plans to venture into North America, the European Union (EU), and the Middle East and North Africa (MENA) region.
- Scaling Recycling Operations: LOHUM is committed to sustainable practices. With this funding, it will scale up its battery recycling operations within India. By recycling lithium-ion batteries, LOHUM contributes to reducing electronic waste and conserving valuable resources.
- New Energy Transition Markets: The startup intends to explore new opportunities in energy transition. By expanding into these markets, LOHUM aims to play a crucial role in the global shift towards cleaner and more efficient energy solutions.
LOHUM’s Unique Approach
LOHUM stands out for its innovative approach to battery technology:
- Battery Recycling and Refining: LOHUM is one of the largest producers of sustainable energy transition materials. Through integrated battery recycling and raw material refining, it regenerates top-quality materials while producing zero waste.
- Second-Life Energy Storage Systems (ESS): The company repurposes electric vehicle (EV) batteries to create second-life energy storage systems. These systems contribute to renewable energy storage and grid stabilization.
- Integrated Battery Lifecycle Management: LOHUM’s vision extends beyond recycling. It aims to create an in-house ecosystem that covers battery recycling, repurposing, transition materials refining, and Cathode Active Material (CAM) production.
LOHUM’s financial performance speaks volumes about its growth trajectory:
- Revenue Surge: In the last fiscal year, LOHUM’s revenue surged nearly three-fold, reaching Rs 308 crore from Rs 106 crore in FY23.
- Profitability: The startup achieved back-to-back profits over the past three fiscal years, demonstrating its financial stability and business acumen.
LOHUM’s commitment to sustainability, technological innovation, and global expansion positions it as a frontrunner in the battery tech industry. With this latest funding, the company is poised to make even greater strides towards a greener and more efficient future.