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E-waste management firm Attero to invest $1 bn by 2027, to expand operations in US, Europe, Indonesia

E-waste management firm Attero to invest $1 bn by 2027, to expand operations in US, Europe, Indonesia

Started as an e-waste management company, Attero commenced battery recycling three years ago.

E-waste management firm Attero to invest $1 bn by 2027, to expand operations in US, Europe, Indonesia E-waste management firm Attero to invest $1 bn by 2027, to expand operations in US, Europe, Indonesia

Recycling all kinds of end-of-life Lithium-Ion batteries, Noida-headquartered Attero is expanding its footprint globally by expanding operations in Europe, US and Indonesian markets. With an investment of $1 billion in the next five years, the company plans to recycle 3,00,000 metric tonnes (MT) of Lithium-Ion battery waste per year by 2027 across all its facilities including India. Started as an e-waste management company, Attero commenced battery recycling three years ago.

Nitin Gupta, CEO and co-founder, Attero told Business Today, “We are looking to expand our operations and mega recycling facilities in Poland (Europe), Ohio (USA), and Indonesia, for which we have earmarked an investment of $1 billion. Part of this funding will come from internal accruals, a part from external debt, and part from equity.”

Of the total capacity to recycle 3,00,000 metric tonnes (MT), over 50,000 MT per annum will be in India, and about 25,000 MT per annum in Indonesia. The capacity in Europe and US will be equally split and will in between 1,10,000-1,15,000 MT per annum.

“Our investments in these markets will also be in a similar ratio. 35 per cent of the investments will go into expanding to Europe, 35 per cent of the investment will be dedicated to the US, 10 per cent will go in to Indonesia and the balance 20 per cent will be used for India," he said.

The company’s expansion will be rolled out in a phased-out manner. In the first phase, Attero will invest $500 million to scale its Lithium-Ion battery recycling capacity to 1,50,000 MT by 2025, by setting up facilities and employing its patented recycling technology to provide sustainable and specialised recycling solutions in the international markets.

The European facility will be functional by the fourth quarter of 2022, while the US facility will be up and running by the third quarter of 2023. Gupta says the Indonesian factory should be operational by the first quarter of 2024.

In phase 2, Attero will infuse an additional $500 million, which will be used to enhance the capacity by 1,50,000 MT through its facilities spread across Europe, US, India and Indonesia. Currently recycling 1,000 MT of Lithium-Ion waste, it is scaling to 11,000 MT by October 2022, which will be further scaled in the next five years. According to Nitin Gupta, the extracted battery materials are sold to the global Giga-factories and are used to make battery cells.

Lithium-Ion batteries are becoming ubiquitous. More than $100 billion have been invested in the Lithium-Ion battery ecosystem from a manufacturing standpoint. And, almost 50 per cent of the cost of an EV is the cost of the battery. Out of this, at least 35 per cent cost is that of the metals that make up this battery, which include cobalt, lithium, graphite, manganese and nickel. Each of these metals has significant ESG issues and supply security issues globally.

While Attero has recently entered into Lithium-Ion battery recycling, for its e-waste business, the company has signed agreements with Oppo, Vivo, Samsung, Flextronics, MG Motors, Maruti Suzuki and Hyundai to name a few. Attero is approved by UNFCCC for safely reducing carbon emissions from recycling e-waste and Lithium-Ion waste and earning carbon credits for every ton of waste recycled.
 

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Published on: May 31, 2022, 8:07 PM IST
Posted by: Tarab Zaidi, May 31, 2022, 8:05 PM IST