Lithium-ion electric vehicle battery manufacturing and recycling start-up Lohum Cleantech has raised $7 million to expand its manufacturing and recycling capabilities and expand its presence to the US in the coming months.
The New Delhi, India, firm secured the cash during a round of funding from institutional investors led by Baring Private Equity Partners (BPEP).
Lohum aims to increase its combined manufacturing and recycling capacity to 700MWh, from 150MWh for the former and 150MWh for the latter.
Its manufacturing plant in Greater Noida has the capacity to produce battery packs for 75,000 electric two-wheelers, according to Lohum CEO Rajat Verma.
Verma told the Indian English language newspaper The Economic Times the company was looking to raise an additional $20 million in funding (INR 150 Crore) over the next year.
Lohum assembles lithium-ion batteries from cells imported from other countries, including China and Taiwan.
It follows Mumbai-based electric vehicle and energy storage company Gegadyne raising $5 million in strategic investment from electrical appliances giant V-Guard.
This investment will enable Gegadyne Energy to scale up its operations and further enhance research and development.
Founded in 2015, Gegadyne says its battery consists of proprietary nano-material composites and ‘advanced battery architectures’ that enable quick charging batteries with high energy density similar to lithium-ion batteries.
However, it is not clear what chemistry its battery uses but it claims to be able to charge in 15 minutes.