Rajat Verma: Pioneering Lithium-Ion Battery Recycling and Sustainable Energy at Lohum Cleantech

In the halls of the Harvard Business School in 2004, two aspiring entrepreneurs, Rajat Verma and Justin Lemmon, embarked on their MBA journey and quickly forged a lasting friendship. Little did they know that their bond would eventually lead to the founding of Lohum Cleantech, a company at the forefront of reclaiming raw materials from lithium-ion batteries and cells, a ground-breaking venture that significantly contributes to India’s sustainable energy ecosystem.

Lohum Cleantech stands as a unique player in India, championing the commercial recycling of raw materials from lithium-ion batteries, a vital component in the world of electric vehicles (EVs) and energy storage solutions. As the global shift towards clean energy gains momentum, Lohum Cleantech takes centre stage in addressing the critical need for sustainable and eco-friendly practices within the battery industry.

The process involves reclaiming valuable materials from used lithium-ion batteries and the individual cells comprising battery packs. While the reclaimed materials are currently sold in the commodities market or shipped to partners in the cell manufacturing sector, Lohum Cleantech’s ambitious vision extends to establishing domestic cell manufacturing capabilities. This step would be pivotal in closing the supply-chain loop for EV and energy storage batteries, reducing dependence on imports from China and South Korea for the individual battery cells.

Rajat Verma’s journey towards co-founding Lohum Cleantech began during his consulting work with companies involved in electronics waste recycling. This experience ignited his passion for sustainable energy solutions and inspired him to create a positive impact on the environment. In his words, “We want to contribute to the world of energy sustainability, and in a geo-strategic sense also.” Lohum Cleantech currently operates production facilities in Noida and serves original equipment manufacturers (OEMs) in India, catering to the needs of two-wheeler and three-wheeler segments, as well as energy storage applications. Moreover, the company is actively negotiating to establish a battery and cell recycling facility in the United States, further extending its global footprint.

Verma and Lemmon’s vision encompasses a broader perspective, aiming to tap into the vast potential for second-life batteries, especially in Southeast Asia, Africa, and Latin America. Their goal aligns with the pressing need to address sustainability issues in regions where access to energy and environmentally friendly technologies remains a significant challenge. Backing Lohum Cleantech in its pursuit of sustainability are investors like Baring Private Equity Partners, providing the resources required to expand and make a substantial impact in the industry. The company is in the process of ramping up its manufacturing capacity to produce 3 gigawatt-hours worth of batteries annually, sufficient to power 1.5 million electric two-wheelers, marking a significant contribution to India’s green mobility transition.

Rajat Verma’s remarkable journey from an MBA student at Harvard Business School to the co-founder of Lohum Cleantech underscores the critical role of visionary entrepreneurs in driving sustainability and clean energy solutions. As Lohum Cleantech continues to pioneer lithium-ion battery recycling and sustainable energy practices, it serves as a beacon of hope for a greener and more eco-conscious future.