Mumbai: Lithium-ion battery recycling and refurbishing firm LICO Materials on Friday announced the inauguration of a battery recycling facility in Bengaluru and said it will invest Rs 250 crore, approximately 30 million US dollars, in its downstream hydrometallurgy plant in next two-three years. The 4 GWh per annum in-feed capacity plant in Bengaluru will address the challenges of securing a stable supply of critical materials and contribute to India’s ambition of achieving 30 per cent electric vehicle (EV) adoption by 2030, LICO said.
With India’s EV industry expected to grow by 250 per cent and energy storage sector to reach 42GW by 2032, recycling of used batteries will play a crucial role in recovering critical minerals to support the battery circular economy, according to the company.
This facility will recover metal salts from the black mass currently produced, achieving battery-grade purity, the company said, adding, the recovered metal salts will be supplied to gigafactories and energy storage systems to close the loop in the battery materials supply chain.
