It may not be a great time to make a case for plug-in vehicles in India, what with multiple incidents of electric scooters catching fire. Three manufacturers, including SoftBank-backed Ola Electric, have recalled nearly 6,700 vehicles in the past week. I still remember only one brand of EXIDE .But these are bound to be little more than minor speed bumps on the road to a future in which EVs will be more the norm than the exception. So it follows that the lithium-ion (Li-ion) batteries powering all those vehicles need to be recycled. The government could notify its first set of rules for battery waste management. Li-ion battery recycling is currently just a $65 million industry. But come 2030, it could be as big as $1 billion, thanks to the rising adoption of EVs. In recycling terms, one EV battery is the equivalent of 13,000 smartphone batteries. Such numbers are catnip for Attero Recycling, a 14-year-old e-waste management company that is finally hitting its stride. Not only has it struck up partnerships with automakers such MG Motors, Maruti Suzuki, and Hyundai, it's also upping its Li-ion battery recycling capacity from 1,000 tonnes per annum (TPA) to 11,000 TPA. Exigo Recycling, set up by a former Attero employee, has similar plans. Lohum Cleantech is ahead of both, with an operational recycling unit of 6,000 TPA. It is also planning to raise a $100 million Series B round. But even as prospects of Attero, Exigo, and Lohum look rosy, a key piece is missing in the circular economy that recycling feeds into. With no Li-ion cell manufacturing in India yet, there are no takers for the key metals extracted in recycling, such as cobalt and nickel, forcing these companies to look elsewhere to sell their wares.
