After entering the new energy transition materials market in the US and the UAE, leading Indian battery recycler Lohum is eyeing the European market, which offers several opportunities in the battery recycling and repurposing space.

Lohum has already set up integrated recycling facilities in the two foreign markets through joint ventures (JVs).

“We are already getting material from the US. It indicates that market there is still not fully mature. We have not yet found a competitor of our size and stature in Europe. In the US, we have probably found two players who seem to be at a size and stature that is competitive for us. I think these are still early days in those economies in recycling,” Lohum CEO, Rajat Verma, told businessline.

So far, Lohum has recycled 25,000 tonnes of material, equivalent to 500 million mobile phone batteries, offsetting a total of around 144,000 tonnes of CO₂e (CO₂ equivalent).

It recycles critical minerals including lithium, nickel, cobalt, aluminum, copper, platinum group metals (PGM) and rare earth elements (REE) reaching purity levels of 99.9 per cent.

The firm has a horizontal portfolio of materials that span multiple industries, such as batteries, green hydrogen, magnets, advanced manufacturing, metallurgy and aerospace/ defence.

Expansion plans

Currently, the Greater Noida-headquartered firm is scouting for right locations to establish its footprint in Europe. It aims to replicate its successful model of providing sustainable, cost-competitive critical minerals processing solutions to the European market.

“Besides, the government has announced 30 critical minerals and we want to have a footprint across as many of those minerals as possible,” Verma said.

Lohum aims to process Platinum Group Metals (PGM) scrap within the country to curtail reliance on imports. PGM includes six elements—platinum, palladium, rhodium, ruthenium, iridium, and osmium—that are known for having high melting point, heat resistance and corrosion resistance.

“I’m now getting a new platinum and palladium factory. We don’t have any source for these in India. Similarly, we have got magnet materials—Neodymium, Samarium and Praseodymium. These are not recycled here. So recycling those is equally important,” Verma emphasised.

Lohum has so far raised more than ₹600 crore and is seeking to deploy an additional ₹1,000 crore for expansion.

The funds have been used to set up its facilities, invest in R&D and drive global expansion through JVs in the UAE and the US. The company is profitable, with a current run rate of $100 million, and is set to grow 10-fold over the next three years.

Research push

Verma emphasised that the company has a strong focus on R&D. It has a dedicated team of 100 professionals, including 15 PhDs, who are engaged in pushing the boundaries of technology.

“What really sets Lohum apart in this competitive landscape is our incredible team and our unwavering commitment to research and development. We’ve built a strong workforce of around 1,100 passionate individuals, and we’re really proud to be investing about 10 per cent of our revenue back into R&D,” Verma said.