Lohum’s CEO calls for specialized PLI scheme in battery materials sector amid clean energy surge, ET Auto

Lohum’s Founder and CEO, Rajat Verma
Lohum’s Founder and CEO, Rajat Verma

New Delhi: Amidst the burgeoning renewable energy market and the rapidly expanding electric vehicle (EV) ecosystem, Lohum’s Founder and CEO, Rajat Verma, has called upon the government to introduce a Production-Linked Incentive (PLI) scheme tailored for the battery materials sector.

“We’ve made an appeal to the government to introduce the PLI scheme for the battery materials industry. We’re indirect beneficiaries of the PLI scheme in the cell manufacturing industry because it mandates localized content, and Lohum is the only player in the country that produces this localized content,” Verma told ET Energyworld in an interview.

Highlighting the broader implications of the shift to cleaner energy, Verma said, “We have developed a thesis early on in the energy transition, recognizing the pivotal role materials would play as the world transitions to cleaner energy sources.” He underlined the geopolitical importance of these materials and emphasized that countries need strategies beyond relying on China.

Discussing the advantages of battery recycling, Verma noted, “For every kilo of battery recycled, we save about 100 kilograms of carbon dioxide equivalent.” With the surge in demand for EVs and renewable energy solutions, he anticipates battery waste recycling to potentially reach a whopping 5 million tons by the decade’s end.

Touching upon the economic prospects, Verma pointed out that recycling is 30 to 40% cheaper than material extraction. “Recycling consumes less power, energy, and chemicals. This inherently makes it a more viable process than extracting material from the ground,” he added.

Verma also revealed Lohum’s endeavors in the energy storage domain, where they repurpose old EV batteries. Boasting a capacity of 300 megawatt-hours annually, the company is gearing up for expansion to meet the growing demands of India’s maturing energy storage market.

The CEO also expressed concerns over an unorganized battery recycling market, drawing parallels with the e-waste sector, underscoring the need for skilled and well-equipped entities to handle battery recycling, given the hazardous nature of batteries.

  • Published On Oct 23, 2023 at 08:47 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETAuto App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Source link