E-waste recycling company Attero will invest Rs.300 crore to increase the recycling capacity of lithium-ion batteries. A top Attero official said on Friday that the company will increase its recycling capacity by 11 times to 11,000 tonnes by the end of 2022.
According to market estimates, India generates more than 50,000 tonnes of lithium-ion battery waste every year, said Nitin Gupta, CEO and Co-Founder, Attero Recycling.
“Our current market share will be around 22 per cent by the end of 2022. We are making fresh investments and will soon invest a large amount to enhance this capacity. We are planning to invest around Rs.300 crore,” he added.
Gupta said the move towards electric vehicles will save foreign exchange on petrol imports from West Asia, but the cost of importing lithium-ion batteries from China is a major concern.
He said, “I believe that recycling infrastructure can be developed in the country and this can meet the current local demand of the country. So, we are working towards making India self-reliant in battery material.”
Lithium-ion batteries become more dangerous as they come to the verge of extinction and need to be addressed in an environment-friendly manner. About 30 percent of the value of a lithium-ion battery cell is the value of the metals that make it up. This includes metals such as cobalt, lithium, nickel and graphite.
Founded in 2008 by Rohan Gupta and Nitin Gupta, Attero is a cleantech company focused on producing sustainable materials such as cobalt, tin, nickel, copper, silver and gold completing the circular economy value chain. The company currently has 90 per cent market share of automobiles and electronic OEMs. Strengthening the EV ecosystem, Attero Recycling has also partnered with MG Motors to recycle Li-ion batteries fitted in the brand’s ZS EV units.