India’s largest electronic waste recycling company Attero Recycling has announced its plans to invest $1 billion to expand globally over the next five years. As part of its plan, the firm that also recycles batteries will set up plants in the U.S., Poland and Indonesia, and also scale up its India operations. Through this investment, Attero aims to recycle more than 3,00,000 tons of lithium-ion battery waste per year by 2027 in its facilities spread across Europe, US, India and Indonesia.
In a statement, the company said that its expansion plan will be rolled out in a phased manner. In the first phase, Attero will invest $500 million to scale its lithium ion battery recycling capacity to 1,50,000 tons by 2025. The European facility will be functional by the fourth quarter of 2022, while the facility in Ohia, US will be operational by the third quarter of 2023.
The factory in Indonesia is slated to be functional by the first quarter of 2024. “This capacity expansion will enable Attero to become a global leader in fulfilling Green Metal demand and meet over 15% of the world’s demand for cobalt, lithium, graphite, nickel, amongst others. In tandem with its plans to expand overseas, Attero will continue to ramp up its India operations,” it said.
In a bid to reach its target of 3,00,000 tonne of lithium ion battery waste per year by 2027, Attero will infuse an additional $500 million in the second phase. This additional capex will be used to enhance the capacity by 1,50,000 tons through its facilities across the globe. On the scaling up of operations in India, Nitin Gupta, CEO and Co-founder, Attero Recycling said that the company is in the process of attaining 11,000 tonne capacity in India and over the next few years the company will scale it up to 50,000 tons.