Lithium-ion battery recycler Lohum on Tuesday said it has joined hands with ACKO to recycle and reuse batteries.
The partnership, which is expected to accelerate the adoption of electric vehicles in the country, will help optimise the battery insurance and financing costs for the customers, Lohum said in a statement.
The collaboration will benefit EV battery Original Equipment Makers (OEMs) that have their products underwritten by the first-tech insurer, the company said.
This will, in turn, provide easy access to domestic EV customers, battery OEMs, dealerships, and all ecosystem stakeholders to advanced aftermarket services, Lohum said.
"This partnership aligns with our vision of lowering the carbon emissions of EV batteries and building customer-centric solutions across the battery materials supply chain,” said Rajat Verma, Founder and CEO of Lohum.
Under the partnership, the first-tech insurer will continue to provide performance warranty insurance for EV batteries to multiple OEMs and offer a hassle-free redressal experience in case of performance-related issues, the statement said.
In addition, Lohum said it will work towards collecting, repurposing, and recycling used batteries that will come back as a result of liability from the product, thereby reducing the environmental impact and producing sustainable Lithium-ion raw materials for new batteries.