RecycleKaro Invests INR 100 crore to Establish Nickel Metal Plant in Maharashtra
Through this venture, RecycleKaro explores to completion of the value chain of a circular economy and fulfills the surpassing nickel demand for lithium-ion batteries in India’s EV market.
August 25, 2023. By EI News Network
The plant is ready for commissioning by December end and is anticipated to generate 1,200 tonnes of nickel metal yearly.
RecycleKaro, a sustainable lithium-ion battery recycling company, has declared its plans to establish a nickel metal plant with an investment of INR 100 crore (USD 12.1 million) in Maharashtra.
Through this venture, RecycleKaro explores to completion of the value chain of a circular economy and fulfills the surpassing nickel demand for lithium-ion batteries in India’s EV market.
The RecycleKaro factory will be placed on 17 acres and have a plant to manufacture nickel metal from scrap lithium-ion batteries and nickel hydroxide.
It will derive metals from a black mass of scrap lithium-ion batteries and nickel hydroxide through an indigenous temperature-controlled, chemical leaching process producing a nickel metal compound of higher purity.
The plant is likely to produce 1,200 tonnes of nickel metal annually, with 30 percent of the production allotted for utilisation in the fiscal year 2023-24.
Rajesh Gupta, Founder and Director of RecycleKaro, added, “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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