Finnest Invests USD 100 million in battery recycling, Odisha Expansion
By Lipika Barik
London, Dec. 15: Finnest, a distinguished private equity investment firm under the BNP Group, has announced a strategic equity investment of USD 100 million in Zero Carbon Technologies (ZCT), a company that is revolutionizing the battery industry by upcycling end-of-life lead acid and lithium-ion batteries.
Finnest, which has identified land in Ganjam district of Odisha to setup a hydrogen based dual fuel EV truck manufacturing unit and a biodegradable bag manufacturing unit, has also orchestrated to bring this zero carbon technology to Odisha, as one of its sustainable projects out of many. Finnest aims to support the development of clean energy solutions in Odisha, which has a high potential for renewable energy generation and consumption
The landmark deal was formalized at the prestigious Carlton Club in London, where Finnest and ZCT representatives signed the agreement in the presence of Sir Tony Baldry, the Chairman of ZCT, and Biswanath Patnaik, Chairman of Finnest.
ZCT is a pioneer in extracting essential minerals from end-of-life batteries, which are then sold to be reused in the manufacturing of batteries for electric vehicles (EVs). This process reduces the environmental impact of battery disposal and creates a circular economy for battery materials. ZCT has plans to establish a state-of-the-art battery recycling plant in La Mancha, Spain, and to expand its operations in Bournemouth, UK.
“We are delighted to partner with ZCT, a company that shares our vision of sustainability and innovation. We believe that ZCT has the potential to transform the battery industry in Odisha and create a positive impact on the environment and society. We look forward to supporting ZCT in its growth and development,” said Biswanath Patnaik, the Chairman of Finnest
“This is a landmark deal for Finnest and ZCT, as well as for the battery industry and the environment. We are proud to be part of this innovative and sustainable venture that will create value for all stakeholders. We are confident that ZCT will become a leader in the battery recycling market and a catalyst for the transition to a low-carbon economy in Odisha,” said Arun Kar, the Managing Director of Finnest.
As part of the financing agreement, the board of directors at ZCT will be expanded to six directors. Finnest, as the investor, will nominate three directors to the initial slate: Biswanath Patnaik (Co-Chairman), Arun Kar, and David William Reynolds. The remaining three directors include: Sir Tony Baldry (Chairman), Chris Farnworth (CEO), and John Armstrong.
This collaboration marks a significant step towards advancing sustainability in the battery industry. Stay tuned for more updates as Finnest and ZCT embark on this innovative journey together!
Finnest Invests USD 100 million in battery recycling, Odisha expansion
By Swagatika Bhutia
London, Dec. 15: Finnest, a distinguished private equity investment firm under the BNP Group, has announced a strategic equity investment of USD 100 million in Zero Carbon Technologies (ZCT), a company that is revolutionizing the battery industry by upcycling end-of-life lead acid and lithium-ion batteries.
Finnest, which has identified land in Ganjam district of Odisha to setup a hydrogen based dual fuel EV truck manufacturing unit and a biodegradable bag manufacturing unit, has also orchestrated to bring this zero carbon technology to Odisha, as one of its sustainable projects out of many. Finnest aims to support the development of clean energy solutions in Odisha, which has a high potential for renewable energy generation and consumption
The landmark deal was formalized at the prestigious Carlton Club in London, where Finnest and ZCT representatives signed the agreement in the presence of Sir Tony Baldry, the Chairman of ZCT, and Biswanath Patnaik, Chairman of Finnest.
ZCT is a pioneer in extracting essential minerals from end-of-life batteries, which are then sold to be reused in the manufacturing of batteries for electric vehicles (EVs). This process reduces the environmental impact of battery disposal and creates a circular economy for battery materials. ZCT has plans to establish a state-of-the-art battery recycling plant in La Mancha, Spain, and to expand its operations in Bournemouth, UK.
“We are delighted to partner with ZCT, a company that shares our vision of sustainability and innovation. We believe that ZCT has the potential to transform the battery industry in Odisha and create a positive impact on the environment and society. We look forward to supporting ZCT in its growth and development,” said Biswanath Patnaik, the Chairman of Finnest
“This is a landmark deal for Finnest and ZCT, as well as for the battery industry and the environment. We are proud to be part of this innovative and sustainable venture that will create value for all stakeholders. We are confident that ZCT will become a leader in the battery recycling market and a catalyst for the transition to a low-carbon economy in Odisha,” said Arun Kar, the Managing Director of Finnest.
As part of the financing agreement, the board of directors at ZCT will be expanded to six directors. Finnest, as the investor, will nominate three directors to the initial slate: Biswanath Patnaik (Co-Chairman), Arun Kar, and David William Reynolds. The remaining three directors include: Sir Tony Baldry (Chairman), Chris Farnworth (CEO), and John Armstrong.
This collaboration marks a significant step towards advancing sustainability in the battery industry. Stay tuned for more updates as Finnest and ZCT embark on this innovative journey together!
