Indian battery and e-waste recycler Attero Recycling said it expects 65% of a $2 billion revenue target to come from lithium-ion battery recycling in five years’ time.
In an interview with the Press Trust of India, Attero Recycling’s CEO and co-founder Nitin Gupta said the company is setting up its first lithium-ion plant in Europe. He expects it to be operational by September 2023.
“Our electronic waste recycling is growing 100% on a year-on-year basis,” he said. “Lithium-ion business contributes around 10% to the total business but within five years lithium-ion will contribute 65% to our annual revenue. Lithium-ion is growing 500% annually.”
He added: “Top automobile OEMs of the world have signed with Attero because recycled metals are reducing their dependence on China for cobalt, lithium, graphite etc. That is what the regulators in those countries are pushing for and that is why they are keen on figuring out non-China supply.”
He claimed that the company recovers more than 98% of battery-grade cobalt, lithium carbonate, graphite, and nickel from used batteries.
Attero plans to set up 35% capacity in Europe and the US respectively, 20% in India, and 10% in the rest of Asia, he said.
