Attero will invest ₹300 crore to boost battery recycling capacity
Electronic waste recycling firm Attero Recycling has announced that it plans to invest about ₹300 crores to pump up its lithium-ion battery recycling capacity to 11,000 metric tonnes per annum by October 2022 from its current capacity of 1,000 metric tonnes per annum.
Co-founder and CEO Nitin Gupta said that the company is in process of increasing its e-waste capacity through the franchise route. Attero Recycling is already in process of setting up plants to recycle e-waste at 14 other locations by the end of 2022, Gupta said. Through this, the company aims to increase the capacity to 3 lakh metric tonnes by the end of this year, he added.
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India currently generates over 50,000 tonnes of lithium-ion battery waste every year, reports PTI. Attero by increasing its capacity wants to capture 22 per cent of the total potential market by October this year.
The brand caters to both Indian and global manufacturing companies that accompanies electronic as well as automobile segments such as Samsung, LG, Acer, Whirlpool, Oppo, Vivo and Toyota. It also aims to enter the global market early this year. Gupta informed that the company is likely to close a deal with Tesla for the supply of recycled products. It has also partnered with MG Motors to recycle Li-ion batteries fitted in the brand's ZS EV units.
Attero was founded in 2008 and since then it has focused on producing sustainable materials such as cobalt, tin, nickel, copper, silver and gold. Gupta said the company may look for a dual listing, both in India and the US, but primarily they will be listed in the domestic exchanges.