Battery recycling startup BatX raises $5 million in funding from Zephyr Peacock, Lets Venture

Lithium battery recycling startup BatX Energies said on Tuesday it has raised $5 million in funding from Zephyr Peacock and Lets Venture. Existing investors JITO Angel Network and the family offices of Mankind Pharma, Excel Industries and BluSmart also participated in the round.

The startup said the funds will be used for market expansion and to scale up recycling operations across the country.

“We are focused on reducing critical materials imports for India and producing them by recycling. With this growth capital, we will showcase developments in setting up industry standards. This investment signifies our unwavering commitment to reshaping the energy sector and circular economy,” said Utkarsh Singh, cofounder & CEO of BatX Energies.


The startup aims to invest in the scaling up of the Hydrogen electrode-based critical material extraction and refining capacities, and commercial R&D for PCAM development from recycled battery minerals. Made through precipitation, precursor cathode active materials (PCAM) are a mixed-metal hydroxide of nickel, cobalt, and other chemical elements.

This will enable a full-stack recycling and refurbishing solution for original equipment manufacturers (OEMs) and their customers.

“India is witnessing rapid adoption of electric vehicles and personal electronics. This rapid growth has led to an increase in demand for raw materials, most of which are imported. BatX solves this issue by converting used batteries into critical materials for new batteries. The company is poised to become a crucial stakeholder in the battery supply chain in India,” said Pankaj Raina, managing director, Zephyr Peacock.