Attero plans to use the money to build processing facilities in Poland, the US and Indonesia. Three new plants will start up every six months between late 2022 and early 2024, starting with Poland, then in the US, and ending with a plant in Indonesia. The company, whose clients include Samsung Electronics and Hyundai Motor, plans to go public in the middle of the decade.
The company's goal is to increase the annual recycling of lithium-ion battery waste from 11,000 tons to 300,000 tons by 2027. According to the company, this could cover a good 15 percent of global demand for lithium, cobalt and graphite.
Currently, Attero's recycling rate is 98 percent. The company uses chemical methods instead of the more expensive smelting process. Some of the materials go to the Swiss mining group Glencore, which supplies raw materials to electric vehicle leader Tesla.
Attero currently employs about 150 people and plans to create 100 more jobs this year, primarily in Europe and the US. The company expects Attero's sales to double this fiscal year to around Rs 4.25 billion.