Lohum and ACKO pioneer EV battery recycling and reuse in insurance sector
1 min read 02 May 2023, 03:56 PM ISTThis collaboration aims to promote sustainability in the EV industry and support the nation's ambitious goal of having 30% of all vehicles running on electricity by 2030.
PremiumNew Delhi: Lohum, a lithium-ion battery recycling firm, on Tuesday announced a partnership with insurance provider ACKO to incorporate recycling and reuse provisions in India's first-ever electric vehicle (EV) battery insurance. This collaboration aims to promote sustainability in the EV industry and support the nation's ambitious goal of having 30% of all vehicles running on electricity by 2030.
Through the partnership, ACKO will continue to provide performance warranty insurance for EV batteries to multiple OEMs, streamlining redressal for performance-related issues. Lohum will be responsible for collecting, repurposing, and recycling used batteries, reducing environmental impact and generating sustainable lithium-ion raw materials for new batteries.
The collaboration will benefit all stakeholders in the EV ecosystem, including customers, battery OEMs, and dealerships. It will optimize battery insurance and financing costs, making EVs more affordable and lowering insurance expenses. The partnership also sets the stage for Lohum to launch battery buy-back products in partnership with OEMs, enhancing overall vehicle resale value.
Lohum's Founder & CEO, Rajat Verma, expressed enthusiasm about partnering with ACKO, emphasizing the alliance's potential to reduce EV battery carbon emissions and build customer-centric solutions. Animesh Das, ACKO's Chief Underwriting Officer, highlighted the partnership's role in helping OEMs comply with the Battery Waste Management Rule of 2022, promoting network effects, and driving efficiency in India's circular economy.
This association marks a promising beginning to a long-term partnership that will revolutionize the industry and foster environmentally responsible practices.
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