LICO Materials Powers India's EV Future with New Battery Recycling Facility

LICO Materials inaugurates a new battery recycling facility in Bengaluru, investing Rs 250 crore in downstream projects. Aiming to scale up the facility's capacity to 10 GWh, LICO focuses on securing critical materials for India's targeted 30% EV adoption by 2030.

LICO Materials announced the opening of a cutting-edge battery recycling facility in Bengaluru, pledging a Rs 250 crore investment in a downstream hydrometallurgy plant over the next two to three years. The new plant boasts a 4 GWh per annum in-feed capacity, crucial for stabilizing the supply of vital battery components amid India's push for 30% electric vehicle adoption by 2030, according to the company.

The facility's output is set to increase to 10 GWh within the next 3-4 years as LICO aims to support the booming EV industry, projected to grow by 250%, and the energy storage market, forecast to hit 42GW by 2032. Recycling of used batteries will play an essential role in salvaging critical minerals, thereby reinforcing the battery circular economy.

Gaurav Dolwani, CEO of LICO Materials, stated that the zero-liquid-discharge facility can recycle 17,500 metric tonnes of batteries. The venture will aid in sourcing metal salts, which will be supplied to gigafactories, achieving battery-grade purity and ensuring a sustainable material loop in the supply chain.

(With inputs from agencies.)