- Other investors who participated in the round include Talbros Automotive Components Ltd and a few others
- The company said that the funds will be utilised for accelerating the growth plans of the company to achieve an integrated domestic capacity of 700MWh within a year
Lithium-ion battery pack manufacturer Lohum Cleantech Pvt Ltd raised $7 million in a round led by the investment firm, Baring Private Equity Partners India. Other investors who participated in the round include Talbros Automotive Components Ltd and a few others.
The company said that the funds will be utilised for accelerating the growth plans of the company to achieve an integrated domestic capacity of 700MWh within a year. It announced the launch of a second facility with this fundraise which will further expand the company’s manufacturing capabilities. It plans to open a recycling plant in the US in the near future.
Expand the dealer network across the country
Rajat Verma, Founder and CEO of Lohum said that the investment raised will ensure that Lohum Cleantech expands its manufacturing capabilities and its product offerings multi-fold. In 2021, one of the key focus is expand the dealer network across the country and also increase overseas operations.
Lohum Cleantech is a battery pack manufacturer for two-wheelers and three-wheeler electric vehicles. It also recycles Li-ion batteries by extracting critical raw materials like nickel, cobalt, and manganese from used batteries for reuse.
Arul Mehra, Partner at Baring Private Equity Partners India said that Lohum has a pioneering approach to lithium-ion battery manufacturing and recycling, and will benefit from the coming wave of electric vehicles and stationary storage. He added that their Their vertical integration into first life and second life batteries along with recycling makes them an ideal partner for original equipment manufacturers aiming for cost-effective and sustainable battery solutions.
