NEW DELHI, Jan 12: LICO Materials, a battery recycling and repurposing company, is looking to triple its revenue to over Rs 100 crore in FY26 on the back of growing EV and energy storage demand in India, its CEO Gaurav Dolwani said.
“This year, we’re expecting about Rs 30 crore…In a commodity upswing, doing the same business, we could probably cross Rs 100 crore,” Dolwani said.
The company was hoping for a better revenue in the current financial year but the decline in lithium, cobalt, and nickel prices has impacted the numbers, even though the company has hit its desired quantities.
Last month, it inaugurated a battery recycling facility in Bengaluru, which has the capacity to process about 17,500 tonne of battery input per annum.
LICO Materials, which plans to set up its own downstream chemical facility in two-three years is committing Rs 250 crore for the same. Asked how does the company plan to fund the unit, the CEO said it will be a mix of equity and debt.
The company also plans to open another unit in Delhi-NCR in about two years, once the Bengaluru plant reaches full capacity. The capacity of Delhi-NCR plant will be similar to Bengaluru’s. However, this may change depending on raw material availability and battery returns from end-of-life or cell production scrap, Dolwani said.
With the country’s EV industry expected to grow by 250 per cent and the energy storage sector to reach 42GW by 2032, recycling and repurposing of used batteries will play a crucial role in recovering critical minerals to support the battery circular economy.
By 2027, LICO plans to recycle batteries equivalent to 200,000 metric tonne of electric cars annually, which translates to significant environmental savings, including the conservation of 100 million litres of water and a reduction in CO2 emissions equivalent to the absorption capacity of 37 million trees.
Established in October 2021, LICO Materials focuses on recycling and repurposing end-of-life lithium-ion batteries. LICO is creating a sustainable circular economy solution in the lithium-ion battery supply chain for the recovery of critical materials. (PTI)
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