Battery technology startup LOHUM has announced the successful completion of its Series B funding round, raising $54 million from investors including Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East, alongside other new and existing venture firms.
According to a press release from the company, these funds will be utilized to support market expansion efforts, particularly scaling up recycling operations throughout India. Additionally, LOHUM plans to extend its reach to new energy transition markets in North America, the EU, and the MENA region.
Having already raised over $37 million across multiple funding rounds, LOHUM’s valuation post-allotment of the latest tranche stands at approximately $422 million, as reported exclusively by Entrackr.
LOHUM positions itself as one of the leading producers of sustainable energy transition materials, specializing in integrated battery recycling, raw material refining, and battery repurposing. The company emphasizes its lithium-ion battery material recycling and extraction technology, which is claimed to generate high-quality materials while producing zero waste.
In line with its commitment to sustainability, LOHUM repurposes electric vehicle (EV) batteries to create second-life energy storage systems (ESS) for renewable energy storage and grid stabilization.
As of early 2024, LOHUM aims to establish an in-house ecosystem encompassing battery recycling, battery repurposing, transition materials refining, and Cathode Active Material (CAM), thereby offering integrated battery lifecycle management solutions.
LOHUM’s performance during the previous fiscal year has been notable, with revenue nearly tripling to Rs 308 crore from Rs 106 crore in FY23. Moreover, the company has achieved profitability for three consecutive fiscal years. For further details, interested parties can refer to the startup data intelligence platform, TheKredible.
