MARCH 20249TOP STORIESBATTERY RECYCLING FIRM LOHUM RAISES RS. 450 CRORE IN SERIES B ROUNDLohum, a lithium-ion battery pack maker and recycling firm, has successfully raised $54 million (approximately Rs 450 crore) in a Series B funding round. The funding round saw participation from various investors, including Singularity Ventures, Baring Private Equity, Cactus Venture Partners, Venture East, and other new and existing venture firms.Lohum will utilize the funds raised to support its market expansion, scale up recycling operations across India, and venture into new markets for energy transition materials in North America, the EU, the Middle East, Africa, and Asia.Lohum emphasizes its integrated battery lifecycle management system, covering battery recycling, repurposing, refining transition materials, and converting active cathode material. The company aims to play a significant role in addressing the global demand for sustainable and responsible management of lithium-ion batteries.Rajat Verma, Founder & CEO of Lohum, highlighted that the funds would expedite the company's international expansion, support hiring initiatives, and further strengthen its industry-leading R&D innovation center. Lohum sees battery recycling as a crucial component in addressing the demand for raw materials and contributing to a more sustainable energy future. BLUE STAR TO INVEST A SUBSTANTIAL AMOUNT TO INCREASE ITS MANUFACTURINGBlue Star, a leading home appliances company, plans to invest Rs 250 crore in the next financial year to increase the manufacturing capacity of room air conditioners at its Sri City facility in Andhra Pradesh. The company currently has a production capacity of 10 lakh room air conditioners across its various manufacturing facilities, including the Sri City unit.Blue Star's Managing Director, B Thiagarajan, stated that plans are in place to raise the manufacturing capacity to 1.8 million units in the near future. The present manufacturing capacity at Sri City will be increased by three lakh units next fiscal, with an investment of Rs 250 crore.The company aims to capture a market share of 15 per cent in the room AC segment by offering products at various price points. Currently, Blue Star holds a market share of 13.75 per cent.In addition to expanding manufacturing capacity, Blue Star plans to expand its distribution network across the country. The company aims for a turnover of Rs 9,500 crore by the end of the current financial year, up from Rs 8,000 crore in the last fiscal.Thiagarajan highlighted the growth potential of the room AC market, with the industry size expected to more than double by 2030. The current market size of room ACs in the country is approximately 10 million units per annum.
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