BatX Energies Raises US$12.2M Series A to Scale India's Critical Minerals Supply Chain

Utkarsh Singh and Vikrant Singh, BatX Energies Co-Founders

BatX Energies, an Indian battery recycling and critical minerals recovery company, has raised Rs 105 Crore (approximately US$12.2 million) in a Series A funding round led by IvyCap Ventures, with participation from existing investors Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, and JITO.

The new capital will enable BatX to expand its recycling and refining capacity, strengthen research and development, and accelerate the development of India's domestic supply chain for critical battery materials. The investment comes as India's electric vehicle (EV), renewable energy, and battery energy storage markets continue to grow, increasing demand for strategic minerals including lithium, cobalt, nickel, and graphite.

Why Did BatX Energies Raise US$12.2 Million?

The Series A funding will support BatX's next phase of commercial expansion by focusing on:

• Expanding battery recycling and critical mineral refining capacity
• Scaling research and development for advanced recovery technologies
• Strengthening India's domestic critical minerals supply chain
• Increasing the production of battery-grade raw materials
• Supporting international market expansion

The investment aligns with India's broader push to build resilient supply chains for energy transition technologies while reducing reliance on imported critical minerals.

How Is BatX Supporting India's Circular Battery Economy?

As global battery demand continues to rise, end-of-life battery recycling is becoming an increasingly important source of critical minerals. BatX has developed a commercial-scale platform that recovers battery-grade materials from both spent lithium-ion batteries and manufacturing scrap.

The company refines recovered materials and supplies them back into the battery manufacturing ecosystem, helping create a circular economy while reducing dependence on newly mined resources.

According to the company, its technology has already been demonstrated at commercial scale, positioning BatX among India's emerging players in battery material recovery.

BatX's Circular Economy Model

Stage	BatX's Role	Industry Impact
Battery Collection	Sources end-of-life batteries and manufacturing scrap	Reduces battery waste
Material Recovery	Extracts lithium, cobalt, nickel and graphite	Recovers strategic minerals
Refining	Produces battery-grade raw materials	Improves domestic supply
Reintroduction	Supplies refined materials back to manufacturers	Supports circular manufacturing

Why Are Critical Minerals Becoming Strategically Important?

Critical minerals such as lithium, cobalt, nickel, and graphite are essential components in lithium-ion batteries used across:

• Electric vehicles (EVs)
• Grid-scale energy storage systems
• Consumer electronics
• Renewable energy infrastructure

India's energy transition strategy increasingly depends on securing reliable supplies of these minerals. Developing domestic recycling capabilities helps reduce import dependence while strengthening long-term resource security.

This trend is also reflected globally, with governments and innovation hubs—including regional ecosystems such as NEOM, Hub71, and ADGM—supporting clean technology, battery innovation, and sustainable industrial supply chains.

What Did Investors Say About the Funding?

Utkarsh Singh, Co-founder and CEO of BatX Energies, said the investment marks an important milestone after years of building advanced recycling and refining capabilities in India.

He noted that, alongside IvyCap Ventures and existing investors, BatX plans to scale its technology beyond India as countries worldwide seek secure and sustainable supplies of critical minerals.

Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, highlighted that India's energy transition depends on sustainable access to critical minerals. He said BatX has built a technology-driven platform capable of recovering, refining, and reusing battery materials while strengthening India's circular economy.

Pankaj Raina, Managing Director of Zephyr Peacock, added that the latest funding positions BatX to expand its technology, increase processing capacity, and play a larger role in developing circular battery material supply chains both in India and internationally.

What Does This Funding Mean for India's Battery Recycling Industry?

The Rs 105 Crore Series A funding in 2026 highlights growing investor confidence in India's clean technology and circular economy sectors. As EV adoption, renewable energy deployment, and battery manufacturing continue to expand, companies capable of recovering and refining critical minerals are becoming increasingly strategic.

By scaling domestic recycling infrastructure, BatX aims to strengthen India's position within the global battery value chain while supporting more sustainable and resilient critical mineral supply networks.

 

 

FAQ

1. How much funding did BatX Energies raise?
BatX Energies raised Rs 105 Crore (approximately US$12.2 million) in a Series A funding round led by IvyCap Ventures, with participation from existing investors including Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, and JITO.

2. What will BatX Energies use the funding for?
The company will use the capital to expand battery recycling and refining capacity, strengthen R&D, scale production of battery-grade materials, and develop India's domestic critical minerals supply chain.

3. What materials does BatX Energies recover?
BatX recovers and refines critical battery materials including lithium, cobalt, nickel, and graphite from end-of-life batteries and manufacturing scrap.

4. Why are critical minerals important for India?
Critical minerals are essential for electric vehicles, renewable energy storage, and battery manufacturing. Building domestic recycling capacity helps reduce import dependence and strengthens India's long-term energy security.

5. Who led BatX Energies' Series A funding round?
The Series A round was led by IvyCap Ventures, with participation from existing investors Zephyr Peacock, Mankind Pharma Family Office, Excel Industries Family Office, and JITO.