The battery tech startup LOHUM has revealed that it has secured $54 million in Series B funding from a number of new and established venture firms, including Singularity Growth, Baring Private Equity, Cactus Venture Partners, and others.
LOHUM raises $54 Million in Series B funding
According to a statement from the company, LOHUM will use these funds to further its market expansion and scale up recycling activities across India. Additionally, it will grow into new energy-transitioning markets in the Middle East and North Africa along with EU and North America.
The company was valued at about $422 million after the most recent allotment was allocated, having already raised more than $37 million through many tranches.
By means of integrated battery recycling, raw material refinement, and battery repurposing, LOHUM asserts that it is among the biggest manufacturers of sustainable energy transition materials. Additionally, the company claimed that its technique for recycling and extracting materials for lithium-ion batteries produces zero waste and regenerates materials of the highest quality.
LOHUM recycles electric vehicle (EV) batteries to create second-life energy storage systems (ESS) for grid stabilization and renewable energy storage.
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 by this year soon.
