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New Delhi: Lithium-ion battery pack manufacturer Lohum on Monday announced that it has raised USD7 million in funding led by Baring Pvt Equity Partners. The fund will help accelerate growth plans to achieve an integrated domestic capacity of 700MWh within a year, as well as move up the first overseas recycling plant in the US, Lohum said.
The company has also opened its second manufacturing unit in Greater Noida with an annual capacity of 300MWh divided evenly between pack production and recycling.
Arul Mehra, partner, Baring Pvt Equity Partners, said, “Lohum has a pioneering approach to lithium-ion battery manufacturing and recycling and is poised to benefit from the coming wave of electric vehicles and stationary storage. Making recycled battery chemicals and metals available to customers who lack access to them for geopolitical or geographical reasons will lead to democratisation in cell manufacturing.”
Rajat Verma, founder and CEO, Lohum, said, “It gives us great pleasure to have Baring Pvt Equity partners as a lead investor in Lohum as the firm shares the same level of passion and belief in the fast-growing EV ecosystem in India and around the globe. The investment raised will ensure that Lohum expands its manufacturing capabilities and product offerings multi-fold.”
The company’s focus in 2021 is on expanding its dealer network across the country and on increasing overseas operations.
Founded in 2017, Lohum has developed technology to manufacture the first and second life lithium-ion battery packs for low-power mobility applications and to recover critical battery materials through extraction at the end-of-life.
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