Lohum Cleantech, a trailblazing startup at the forefront of clean energy transition, has ignited the investment arena again with a successful raise of $23 million in its ongoing Series B1 round. The funding, led by Baring Private Equity Partners, signals a resounding endorsement of Lohum’s pioneering efforts in battery recycling and repurposing.
Amidst the backdrop of global calls for sustainable solutions, Lohum Cleantech emerges as a beacon of hope, offering a transformative approach to address the challenges of energy transition. Through its innovative processes, the company champions the regeneration of top-quality materials from lithium-ion batteries, facilitating a circular economy while minimizing waste.
The Series B1 round commenced in August last year and has garnered significant interest from prominent investors, including Cactus Partners, Chhattisgarh Investment Limited, Ventureast Proactive Fund, and a cohort of angel investors. With a diverse investor base aligned with its mission, Lohum Cleantech is poised to accelerate its impact on the energy landscape.
The infusion of capital will fuel Lohum’s ambitious growth trajectory, supporting critical areas such as capital expenditures, marketing initiatives, and general corporate operations. With a strategic focus guided by the board of directors, the company is well-positioned to leverage these funds for sustained innovation and market expansion.
Notably, Baring Private Equity, leading the charge with a significant investment, underscores its confidence in Lohum’s vision and capabilities. As stakeholders rally behind the company’s mission, Lohum Cleantech is set to consolidate its position as a frontrunner in the sustainable energy sector.
Lohum’s commitment to environmental stewardship extends beyond mere rhetoric, as evidenced by its tangible contributions to the circular economy. The company actively promotes renewable energy adoption and grid stabilization by repurposing EV batteries into second-life energy storage systems.
Moreover, Lohum’s Detex battery price index emerges as a game-changer, providing transparency and reliability in determining battery material prices. This innovative tool empowers stakeholders with valuable insights and fosters a more efficient marketplace for battery materials.
The latest funding milestone comes on the heels of Lohum’s remarkable financial performance, with revenue surging nearly threefold year-on-year in FY23. With a profitable track record and a robust growth trajectory, the company epitomizes the convergence of sustainability and profitability in the modern business landscape.
Looking ahead, Lohum Cleantech remains steadfast in its commitment to driving positive change, catalyzing the transition towards a cleaner, greener future. As the company continues to innovate and expand its footprint, the Series B1 raise is a testament to its unwavering resolve and transformative potential.
