LICO Materials, a company specializing in battery recycling and repurposing, is aiming to triple its revenue to surpass Rs 100 crore by FY26, driven by the increasing demand for electric vehicles (EVs) and energy storage in India, according to CEO Gaurav Dolwani.
“Our revenue projection for this year is around Rs 30 crore. With favorable market conditions, particularly a rise in commodity prices, we believe we can exceed Rs 100 crore,” Dolwani shared. The company has experienced challenges this fiscal year due to declining prices of lithium, cobalt, and nickel. Despite these setbacks, it has achieved its targeted production volumes.
In a significant development, LICO recently launched a battery recycling plant in Bengaluru with an annual processing capacity of 17,500 tonnes. Over the next two to three years, the company plans to invest Rs 250 crore to establish a downstream chemical facility. The funding for this venture will be a mix of equity and debt.
Additionally, LICO intends to set up another recycling unit in the Delhi-NCR region within two years, contingent on the Bengaluru plant reaching full capacity. The new facility is expected to have similar processing capabilities, although the specifics will depend on the availability of raw materials and battery waste from end-of-life units or production scraps.
With India’s EV market projected to expand by 250% and the energy storage sector set to grow to 42GW by 2032, the recycling of used batteries will be crucial in recovering essential minerals and supporting a sustainable circular economy.
By 2027, LICO aims to recycle battery waste equivalent to 200,000 metric tonnes of electric vehicles annually. This initiative will result in notable environmental benefits, including saving 100 million liters of water and reducing CO2 emissions on a scale comparable to the carbon absorption of 37 million trees.
LICO Materials is a prominent provider of innovative and sustainable solutions in the materials sector. Specializing in the development, manufacturing, and supply of advanced materials, LICO Materials serves a diverse range of industries including automotive, construction, electronics, and renewable energy. The company focuses on high-performance materials that contribute to energy efficiency, sustainability, and durability.
With a commitment to research and development, LICO Materials consistently pushes the boundaries of material science to offer cutting-edge solutions. Its products are designed to meet the evolving demands of the global market, ensuring that industries can achieve greater efficiency, reduced environmental impact, and long-lasting performance.
