India’s Attero Recycling to Spend $1 Billion by 2027, to Open Units in Poland, Ohio and Indonesia


The CEO of Attero Recycling, India’s largest electronics recycler, said it is spending $1 billion (about Rs 7,765 crore) in the next five years and adding plants in Poland, Ohio and Indonesia starting this year, with the aim of tapping into a global electricity boom. vehicles.

Nitin Gupta said the World Bank-backed company, whose clients include Samsung Electronics and Hyundai Motor, also plans to prepare for an initial public offering in about a year and a listing in India or the United States in the next three years.

Atero’s goal is to increase its annual capacity to process waste lithium-ion batteries to 300,000 tons by 2027 from 11,000 tons now, he said, to meet 15 percent of global demand for lithium, cobalt and graphite, from less than 0.1 percent today.

“Lithium-ion batteries are becoming inherently ubiquitous,” said Gupta, who founded Attero in 2008 with his brother and has made it profitable in the past two years.

By recycling such batteries, Gupta said they have not only solved the waste problem, but have also become “important players in the materials supply chain by selling green minerals without mining the land”.

Half the cost of an electric vehicle is lithium-ion batteries, he said, and at least 35 percent of its cost comes from cobalt, nickel, lithium, graphite and manganese.

Gupta said Atyro’s recovery rate is about 98 percent and uses chemical methods rather than the more expensive smelting process that melts some minerals beyond recovery. Some of the material it extracts goes to Tesla Inc via Swiss mining group Glencore.

Gupta said the Atyro plant in Poland will be operational by the fourth quarter of 2022, in Ohio in the third quarter of 2023 and in Indonesia by the first quarter of 2024. Gupta added that the investments will be mainly from internal benefits.

Its competitors include Li-Cycle Holdings and Redwood Materials, but they may also face competition from well-known automakers such as Nissan that are planning their own battery recycling operations.

Atero employs about 150 people and plans to add another 100 this year, including in Europe and the United States. Gupta said sales are set to double this fiscal year to around 4.25 billion rupees ($55 million), but declined to share the earnings forecast.

© Thomson Reuters 2022


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