RecycleKaro, a sustainable lithium-ion battery recycling company, has announced its plans to establish a nickel metal plant with an investment of INR 100 crore ($12.1 million) in Maharashtra.
Currently, India has a nickel demand of around 45 kilo-tonnes per annum (ktpa), which it meets entirely through imports. With its venture, RecycleKaro looks to complete the value chain of a circular economy and meet the surging nickel demand for lithium-ion batteries in India’s electric vehicle market.
The RecycleKaro factory will span 17 acres and have a plant to produce nickel metal from scrap lithium-ion batteries and nickel hydroxide. It will extract metals from black mass of scrap lithium-ion batteries and nickel hydroxide through an indigenous temperature-controlled, chemical leaching process resulting in a nickel metal compound of higher purity.
The plant is expected to produce 1,200 tonnes of nickel metal annually, with 30% of the production allocated for use in FY 2023-24.
RecycleKaro plans to commence production by the end of December this year.
Although not currently a significant consumer of nickel, the lithium-ion battery industry is expected to witness up to ten times surge in nickel demand for lithium-ion batteries by 2030. The electric vehicle adoption, projected to rise by over 60% by 2040, is poised to drive a substantial uptick in nickel demand.
Rajesh Gupta, founder and director of RecycleKaro, said, “Establishing a state-of-the-art Nickel metal plant marks a significant milestone for our organization and 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.”
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