RecycleKaro Invests Rs 100 Cr to Set Up Nickel Facility in Maharashtra

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RecycleKaro, a player in sustainable, lithium-ion battery recycling, has announced its plans to establish Nickel metal plant with a substantial investment of Rs 100 crores in Maharashtra.

RecycleKaro maintains that it is committed to completing the value chain of a circular economy and meeting the surging demand for lithium-ion batteries in India’s electric vehicle market. The initiative will also be instrumental in addressing the low global inventory of nickel and reducing dependence on China’s dominance in the sector.

The lithium-ion battery industry, although not currently a significant consumer of nickel, is expected to witness a remarkable increase in demand for nickel for lithium-ion batteries, up to ten times by 2030. The surge in electric vehicle adoption is poised to drive a substantial uptick in nickel demand, projected to rise by over 60% by 2040. India’s demand for Nickel approx. 45 KTPA, is entirely met through imports.

The factory, spread across 17 acres, will incorporate a plant capable of producing Nickel metal from scrap lithium-ion batteries and nickel hydroxide. This technology extracts metals from black mass of scrap lithium-ion batteries and nickel hydroxide through an indigenous temperature controlled, chemical leaching process, resulting in nickel metal compound of higher purity. The plant is expected to produce 1200 tonnes of nickel metal annually, with 30 per cent of the production allocated for use in FY 2023-24. RecycleKaro plans to commence production by the end of the calendar year, aiming for an output capacity of up to 1200 tonnes of nickel metal each year.

Rajesh Gupta, Founder and Director of RecycleKaro, commented saying, “Establishing a state-of-the-art Nickel metal plant marks a significant milestone not only for our organization but for the entire electric vehicle (EV) industry. As we stand at the crossroads of a sustainable future, the demand for EVs is poised to surge, and with it, the need for crucial components like Nickel metal for lithium-ion batteries. This Nickel plant isn’t just an investment; it’s a testament to our dedication to shaping an eco-conscious tomorrow.”

By establishing the Nickel metal plant, RecycleKaro will create numerous employment opportunities, in line with the new unit volumes defined. These opportunities will extend to the main plant, back-office operations, and more.

The firm very recently embarked on a journey to extract valuable metals from scrap automobile catalysts. It collaborates globally with battery manufacturers, automakers, and renewable energy firms, with a client roster including Bajaj Auto, Ather Energy, HeroMotoCorp, and Tata Motors. Alongside lithium-ion battery recycling.