Battery technology company LOHUM has revealed that it has secured $54 million in Series B investment from several new and established venture companies, including Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East. According to a news statement from the company, LOHUM will utilize these funds to further its market development and scale up recycling activities throughout India. Additionally, it will grow into new energy-transitioning markets in the MENA, EU, and North America.
When the most recent tranche was allocated, the company was valued at around $422 million, having previously raised more than $37 million via many tranches. Entrackr exclusively reported both of the discoveries.
By means of integrated battery recycling, raw material refinement, and battery repurposing, Lohum claims to be among the biggest manufacturers of sustainable energy transition materials. Additionally, the business claims that its technique for recycling and extracting materials for lithium-ion batteries creates zero waste and regenerates materials of the highest quality.
Conclusion
The business recycles electric vehicle (EV) batteries to create second-life energy storage systems (ESS) for grid stabilization and renewable energy storage. By the beginning of 2024, LOHUM intends to develop an internal ecosystem for integrated battery lifetime management, which includes cathode active material (CAM), transition materials refinement, battery recycling, and battery repurposing. Throughout the last three fiscal years, the corporation has reported profits every quarter. For further information, visit the innovative data intelligence platform TheKredible.
