The New Delhi-based company is looking to invest INR 1,000 Cr over the next three years and will be setting up a capacity of over 20 GWh
The investment will also fund related technology developments in the field
This comes days after Lohum raised $54 Mn to fuel its market expansion, scaling up recycling operations across India, and also foray into new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia
Lohum Cleantech Pvt Ltd, which operates an eponymous sustainable energy transition materials company, has set the ball rolling for its new manganese-based batteries project in India and also roped in Tesla veteran Chaitanya Sharma to spearhead the initiative.
Sharma has worked at two of North America’s first gigafactories, Tesla and IM3NY, leading the latter as its CEO.
As per PTI’s report, the New Delhi-based company is looking to invest INR 1,000 Cr over the next three years to develop and make manganese-based lithium-ion batteries.
As part of the project, Lohum will be setting up a capacity of over 20 GWh and the investment will also fund related technology developments in the field.
The development of the technology will be supported by a research and development grant from the Ministry of Mines, the report said, citing the company’s statement.
The next-generation LMFP (Lithium Manganese Iron Phosphate) battery chemistry offers higher safety and gives EVs a longer range compared to conventional technologies, besides being significantly cheaper in cost, it added.
“Developing LMFP technology will enable Lohum to accelerate the energy transition by making available higher energy densities, increased cost-effectiveness, higher safety, sustainability, and thermal adaptability of batteries to climate change,” Lohum’s founder and CEO Rajat Verma told PTI.
Inc42 has also reached out to Verma for a comment on the development. The story will be updated based on his response.
This comes days after Lohum raised $54 Mn in its Series B funding round which saw participation from Singularity Growth, Baring Private Equity, Cactus Venture Partners & Venture East amongst other new and existing venture firms.
Back then the startup said that the fresh proceeds would be deployed to fuel its market expansion, scaling up recycling operations across India, and also foray into new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia.
Founded by Rajat Verma, Justin Lemmon and Gazanfar Safvi in 2017, Lohum Cleantech is a lithium-ion (Li-ion) battery pack manufacturer and battery materials (cobalt, lithium, nickel, etc) recycler.
Lohum powers next-gen li-ion battery mobility and energy solutions, gives batteries multiple lives through reuse technology, and makes battery materials last forever through recycling
Back in 2021, Lohum raised $7 Mn in a fresh round of funding from institutional investors led by Baring Private Equity Partners (BPEP).
The development comes at a time when EV adoption in the country is on the rise due to rising awareness about tackling climate change and the government’s efforts to promote EVs to reduce reliance on fuel imports.
As per Vahan data, the total number of two-wheeler EVs registered in February stood at 81,963 units as against 81,928 units in January. This number stood at 66,094 units in February 2023.
