In a significant development, India's pioneering E-waste Recycling Company, Ecoreco, has joined forces with the Centre for Materials for Electronics Technology (CMET), under the Ministry of Electronics & Information Technology (MeitY), Government of India. This strategic partnership aims to introduce cutting-edge technology for the efficient recovery of valuable elements from Li-ion Batteries, making a positive impact on both the environment and the nation's resource sustainability. This technology will enable Ecoreco to retain valuable metals within India, reducing the need for import and contributing to the domestic manufacturing sector.
With this innovative technology now at their disposal, Ecoreco is primed to recover valuable elements such as cobalt, nickel, manganese, and more from Li-ion Batteries. This achievement marks a significant departure from the previous practice of exporting the black mass for element recovery. Instead, India is poised to develop its own capacity for retaining these precious metals, contributing to the nation's self-reliance and promoting the manufacturing of new products within the country.
Recycling metals and other natural resources from spent batteries through mechanical and metallurgical processes represents the most sustainable approach to managing these discarded power sources. The extracted content can be effectively reused in the production of new batteries, reducing the environmental footprint associated with battery disposal.
As the consumption of lithium-ion batteries continues to surge, the accumulation of spent batteries poses both health and environmental risks. Neglecting this issue can result in adverse consequences. Furthermore, overlooking the recycling potential of these spent batteries means missing out on valuable resources. According to a report published by JMK Research, India's lithium-ion battery market is projected to witness substantial growth over the next five years. The annual lithium-ion battery market is anticipated to grow at a remarkable CAGR of 37.5%, reaching a staggering 132 GWh in 2030. The cumulative market size is expected to escalate from 2.9 GWh in 2018 to approximately 800 GWh by 2030.
Commenting on this significant development, Mr. Shashank Soni, Director & CFO of Eco Recycling Limited, stated, "Ecoreco firmly believes that India must bolster its capacity and capability to recycle comprehensively within the country, supplying recovered commodities to various industries. This approach not only alleviates the strain on natural resources but also fosters a circular economy".
Shares of ECO RECYCLING LTD. was last trading in BSE at Rs. 212.75 as compared to the previous close of Rs. 206.60. The total number of shares traded during the day was 133565 in over 1514 trades.
The stock hit an intraday high of Rs. 216.90 and intraday low of 196.30. The net turnover during the day was Rs. 28389916.00. |
