Attero Recycling Pvt Ltd plans to invest $1 billion within five years, which has to build a lithium-ion battery recycling plant in Europe, the US and Indonesia.

“There’s a tremendous amount of lithium-ion battery waste available for us to recycle,” Attero Chief Executive Officer and Co-Founder Nitin Gupta said. By 2030, 2.5 million tons of lithium-ion batteries will reach the end of their life, while currently, there’s only the capacity for 0.7 million tons of battery waste to be recycled. “Lithium-ion batteries are becoming ubiquitous because they’re used in consumer electronics and electric vehicles,” he said.

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The lithium supply will be recycling of the batteries will be crucial, and the storage is threatening the global switch through electric vehicles. In India, the cost of the battery is higher, making electric cars unaffordable, which is already lagging behind significant nations such as China.

With the $1 billion investment, Attero is seeking to recycle over 300,000 metric tons of lithium-ion battery waste annually by 2027, Gupta said. One facility in Poland will begin operating by the fourth quarter of 2022, while a plant in Ohio is expected to be up and running by the third quarter of 2023. A plant in Indonesia should be functional by the first quarter of 2024.