Indian greentech firm to invest $1b for global expansion

Attero Recycling, an India-based waste management provider, plans to invest US$1 billion by 2027 to set up lithium-ion recycling facilities in Europe, the US, and Indonesia.

Photo credit: Attero Recycling

Founded by Rohan Gupta and Nitin Gupta in 2008, Attero aims to reduce the production of toxic materials used to power electric vehicles, smart devices, and renewable energy by recycling metals that are harmful to soil and air.

The company plans to open recycling facilities in Poland, Ohio, and Indonesia, which are expected to recycle over 300,000 metric tons of batteries per year by 2027. About 30% of the total investment will be used to expand its operations in Asia: US$200 million will be allocated for India while US$100 million will go to Indonesia.

Attero, which is funded by private equity firms including Kalaari Capital and International Finance Corporation, has financed its overseas ventures via internal accruals, a small amount of debt, and external funding. The startup is looking for attractive financing sources as well.

Attero CEO Nitin Gupta told Tech in Asia that Indonesia was a natural next step in its expansion as CATL, a Chinese battery manufacturer, and South Korea’s LG Group have both announced multibillion dollar investments to set up lithium-ion battery plants in the Southeast Asian archipelago.

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While Attero’s Indian plant will be developed to handle 50,000 metric tons of waste per annum in the next five years, its Indonesian plant will recycle 40,000 metric tons of waste every year.

Attero will invest US$500 million to scale its current battery-recycling capacity to 1.5 million metric tons by 2025. The facility in Poland will be operational by the fourth quarter of 2022, the US plant in Q3 of 2023, and Indonesia’s by Q1 of 2024. This will allow Attero to meet over 15% of the global demand for cobalt, lithium, graphite and nickel.