YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, September 29, 2022.
EV battery startup Lohum Cleantech partners with Glencore
Lohum Cleantech, a New Delhi-based startup that manufactures and recycles electric vehicle (EV) batteries, on Thursday said it has partnered with Switzerland-based natural resource company Glencore to supply 10,000 tonnes of specialty chemicals for the battery supply chain over the next five years.
Under the agreement, Lohum will supply battery raw materials, including cathodes, sulphates, carbonates, and oxides of various metals extracted from spent batteries and other sources. The agreement comes into effect in 2023.
The partnership will allow both companies to deepen their recycling expertise and support the advancement of a circular economy by supplying raw materials back into the battery supply chain, it said in a statement.
Lohum has a recycling, dismantling and re-assembling unit in the National Capital Region. It will procure spent batteries and recycle them at its plant, the company said. Last year, the firm raised $7 million funding round led by Baring Private Equity Partners (BPEP). Other companies in the space are Ziptrax, ACE Green Recycling Inc, Attero (tied up with MG Motor India announced for the recycling of EV batteries), among others.
Lending platform EarlySalary rebrands itself as Fibe
Lending platform EarlySalary on Thursday said it has rebranded itself as...
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