India based provider of end-to-end electronics and electrical goods e-recycling company Attero Recycler announced it will be spending $1 billion in the next five years to build additional plants across Indonesia, Ohio and Poland.
This development was announced by the company’s co-founder and chief executive officer, Nitin Gupta who said they are aiming at capitalizing on the increasing demand for electric vehicle across the world.
According to the CEO, Attero is also preparing for an India initial public offering (IPO) in about a year and thereafter secure a secondary listing in the United States within the next three years. The company enjoys a list of high profile clients including Samsung Electronics and car maker Hyundai Motor.
The company aims to increase its annual lithium-ion battery waste processing capacity to 300,000 tonnes by 2027 from the current 11,000 tonnes to meet the 15% of the world’s demand for lithium, cobalt and graphite.
“Lithium-ion batteries are becoming ubiquitous in nature,” said the CEO who added that by recycling such batteries, the company is not only solving the waste problem but also becoming a significant player in the material supply chain by selling green metals without mining the earth.