Gold
Attero Recycling to invest Rs 300 cr in lithium battery capacity
15 Jan 2022 CW Team
Attero Recycling has planned to invest Rs 300 crore in growing its lithium-ion battery recycling capacity to 11,000 million tonnes per annum (mtpa) from 1,000 mtpa by October 2022.
Nitin Gupta, CEO and co-founder of Attero Recycling, told the media that the company would increase its e-Waste capacity via franchise route. He said that the company is already setting up plants to recycle e-Waste at 14 locations by December 2022. He added that the company would ramp up its e-Waste capacity by 1,56,000 metric tonnes per year to 3 lakh metric tonnes by December 2022 through franchisees. India generates more than 50,000 tonnes of lithium-ion battery waste each year. The company envisions getting 22% of the total potential market size by October 2022. Gupta said that the company might sign a deal with Tesla for the supply of recycled products. Attero Recycling has raised Rs 140 crore, including Rs 25 crore debt. The company focuses on producing sustainable materials like cobalt, nickel, tin, copper, silver and gold, completing the circular economy value chain. The company's market share of automobiles and original electronic manufacturers (OEMs) is 90%. The company has partnered with MG Motors to recycle lithium-ion batteries fitted in the brand's ZS electronic vehicle (EV) units. Gupta said that the company is looking at an initial public offering (IPO) in the next two to three years. Image Source
