BatX Energies bags Rs 105 cr from IvyCap for battery recycling
The clean-tech firm plans to deploy the fresh capital to scale up its battery recycling and refining capacities, strengthen its research and development capabilities, and advance the creation of a robust domestic supply chain for critical battery materials.
BatX Energies has raised Rs 105 crore in a Series A funding round to accelerate the expansion of its battery recycling and critical minerals business. The round was led by IvyCap Ventures, with continued participation from existing investors, including Zephyr Peacock, the Mankind Pharma Family Office, the Excel Industries Family Office, and JITO.
The clean-tech firm plans to deploy the fresh capital to scale up its battery recycling and refining capacities, strengthen its research and development capabilities, and advance the creation of a robust domestic supply chain for critical battery materials. As India rapidly expands its electric mobility, renewable energy, and energy storage ecosystems, securing key minerals such as lithium, cobalt, nickel, and graphite has become vital for ensuring long-term energy security.
Beyond domestic growth, BatX Energies is also looking to take its business model to international markets facing similar challenges in securing sustainable and resilient mineral supply chains. Co-founder and CEO Utkarsh Singh highlighted that the investment would enable the company to replicate its India success globally. He noted that many countries are grappling with the same issue of accessing sustainable critical minerals and expressed confidence in BatX’s ability to support circular supply chains worldwide.
BatX Energies specialises in lithium-ion battery recycling, recovering and refining battery-grade materials from used batteries and manufacturing scrap, thereby enabling their reintegration into the commercial supply chain and supporting the global shift towards sustainable energy systems.
Co-founder and CEO Utkarsh Singh said, “Many countries face the same challenge of securing domestic and sustainable supplies of critical minerals, and we believe BatX can play a meaningful role in enabling circular and resilient supply chains worldwide.”
Co-founder and CTO Vikrant Singh, informed, “With four granted patents and several more in the pipeline, we are focused on developing high-yield, cost-effective refining technologies that can scale globally. We are also advancing our capabilities towards the production of Cathode Active Materials (CAM), enabling greater value creation within the battery supply chain.”
Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, stated, “India’s energy transition depends on securing sustainable access to critical minerals. BatX has built a strong technology-led platform for recovering, refining, and reusing battery materials, addressing a challenge of both economic and strategic importance.”
Pankaj Raina, Managing Director of Zephyr Peacock, mentioned that the investment positions the company well to scale its technology, expand capacity, and play an important role in building a circular supply chain for battery materials in India and beyond.
