In a significant boost to the burgeoning field of sustainable energy solutions, battery technology startup LOHUM has announced the successful closure of its Series B funding round, securing a substantial $54 million from a consortium of investors led by Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East, alongside other prominent venture firms.
This latest injection of capital underscores the growing investor confidence in LOHUM's innovative approach towards battery recycling and energy transition. With a strategic focus on market expansion and scaling up recycling operations, LOHUM aims to fortify its position as a key player in the global transition towards renewable energy sources.
According to a press release by the company, the freshly acquired funds will be instrumental in driving LOHUM's ambitious expansion plans, which include ramping up recycling operations across India and venturing into new energy transitioning markets in North America, the European Union, and the MENA region. The Series B funding round marks a significant milestone for LOHUM, which has already raised over $37 million across multiple tranches. Following the latest infusion of funds, the company's valuation soared to approximately $422 million, signaling strong investor confidence in its vision and capabilities.
At the core of LOHUM's operations lies its commitment to sustainability and innovation. The company prides itself on being one of the largest producers of sustainable energy transition materials, achieved through its integrated approach to battery recycling, raw material refining, and battery repurposing. Central to LOHUM's mission is its proprietary lithium-ion battery material recycling and extraction technology, which not only regenerates top-quality materials but also boasts a zero-waste production process. By repurposing electric vehicle (EV) batteries into second-life energy storage systems (ESS), LOHUM is actively contributing to renewable energy storage and grid stabilization efforts.
Looking ahead, LOHUM envisions establishing an in-house ecosystem encompassing battery recycling, battery repurposing, transition materials refining, and Cathode Active Material (CAM) production, thereby offering integrated battery lifecycle management solutions. The company's stellar performance in the last fiscal year further underscores its trajectory of success. With revenue surging nearly threefold to Rs 308 crore from Rs 106 crore in FY23, LOHUM has demonstrated its ability to deliver sustainable growth and profitability. Having posted consecutive profits over the past three fiscal years, LOHUM's financial resilience mirrors its commitment to driving positive environmental impact while delivering value to stakeholders.
As LOHUM continues to pioneer innovations in battery technology and sustainability, its journey serves as a testament to the transformative potential of entrepreneurship in addressing pressing global challenges such as climate change and energy transition.
