Lohum and ACKO pioneer EV battery recycling and reuse in insurance sector

  • 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.

Saurav Anand
First Published2 May 2023, 03:56 PM IST
LG Energy Solution is rethinking its big EV battery project in the US 
LG Energy Solution is rethinking its big EV battery project in the US ;(Photo: Bloomberg)

New 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.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.MoreLess
First Published:2 May 2023, 03:56 PM IST
HomeCompaniesNewsLohum and ACKO pioneer EV battery recycling and reuse in insurance sector

Most Active Stocks

Tata Steel

166.80
03:59 PM | 15 JUL 2024
-1.9 (-1.13%)

NTPC

385.65
03:58 PM | 15 JUL 2024
8.4 (2.23%)

Bank Of Baroda

258.60
03:53 PM | 15 JUL 2024
7.85 (3.13%)

Bharat Electronics

331.25
03:55 PM | 15 JUL 2024
-2.05 (-0.62%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Indian Overseas Bank

68.33
03:41 PM | 15 JUL 2024
4.68 (7.35%)

M M T C

94.92
03:40 PM | 15 JUL 2024
6.31 (7.12%)

NLC India

297.75
03:57 PM | 15 JUL 2024
18.6 (6.66%)

IDBI Bank

91.54
03:58 PM | 15 JUL 2024
5.6 (6.52%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    74,771.00290.00
    Chennai
    73,827.00-145.00
    Delhi
    73,972.00-799.00
    Kolkata
    74,045.0073.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L-0.01
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsCibilPremiumMint Shorts