This deeptech firm sees electrifying opportunities on the horizon

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“It is definitely true that the fundamental enabling technology for electric cars is lithium-ion… In the absence of that, I don’t think it’s possible to make an electric car that is competitive with a gasoline car,” Elon Musk, CEO of electric vehicle (EV) maker Tesla said in 2008.

Over 10 years later, he would even claim that “lithium batteries are the new oil” in the context of security and energy independence on Twitter, the microblogging platform he bought in a contentious US$44 billion deal in 2022.

Riding on its importance to sustainability, EVs have been all the rage lately. Countries across the globe are accelerating the transition to EVs through generous initiatives aimed at manufacturers and consumers.

However, a peek under the hood would reveal the dark inner workings of the EV world. From unethical sourcing like how cobalt is mined by child laborers in the Democratic Republic of the Congo to lithium mining’s negative impact on Chile’s Atacama desert, matters aren’t as rosy as it may seem at first glance.

Here’s where India-based Attero is looking to leave its mark. Though the profitable deeptech firm threw its hat into the business of recycling lithium-ion batteries only recently, it has already laid the foundations for its ambitious global plans.

Read today’s featured piece to find out how Attero plans to become a “significant player in the battery material supply chain globally” through its patented tech, which it claims can recover over 98% of pure battery-grade lithium carbonate, cobalt, nickel, and graphite.

Today we look at:

• This profitable deeptech firm’s US$1 billion bet on recycling EV batteries
• How Carsome boosted its liquidity to US$200 million with latest fundraise
• Other newsy highlights such as Indonesian fintech firm Amartha raising US$100 million from a US debt provider

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Opportunity knocks

Image credit: Timmy Loen

Attero has been profitable for several years, with its circular economy model of processing electronic waste, extracting raw materials, and reselling them to manufacturers working like a charm. However it all changed in 2019, when Attero ventured into the business of recycling lithium-ion batteries and pledged US$1 billion to set up global recycling hubs.

My colleague Shadine sat down with Attero co-founder Nitin Gupta to understand why the firm opted to make this massive bet.

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