RecycleKaro To Invests Rs. 100 Cr. To Set Up Nickel Plant In Maharashtra
Lithium-ion battery recycling company, RecycleKaro plans to establish a Nickel Metal Plant with a substantial investment of 100 crores in Maharashtra. It also aims to contribute to India's self-reliance (Atmanirbhar) by addressing the low global inventory of nickel and reducing dependence on China's dominance in the sector.
The factory, spread across 17 acres, will incorporate a plant capable of producing Nickel Metal from Scrap lithium-ion Batteries and Nickel Hydroxide. This innovative 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. India’s demand for Nickel approx. 45 KTPA, is entirely met through imports.
Rajesh Gupta, Founder and Director of RecycleKaro, commented, “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.”
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 per cent by 2040. By pioneering this nickel production plant, RecycleKaro aims to strengthen India’s position within the global lithium-ion value chain.
