07/16/2024 | Press release | Distributed by Public on 07/16/2024 02:06
Three start-ups each from European Union (EU) and India have emerged as winners of the Battery Recycling Technologies Matchmaking Event, organized under the EU-India Trade and Technology Council (TTC).
As part of their winnings, the six start-ups will embark on an all-expenses-paid market immersion experience in the EU and India, respectively. Funded by the EU, this week-long visit will enable them to connect with key stakeholders including government officials, visit battery recycling facilities, and explore pilot projects, commercial collaborations, and co-development initiatives. In addition, the co-chairs of the event have selected two more promising start-ups, Primobius(Germany) and Lohum(India), to join the winning cohort, enabling them to explore market access opportunities through trade and technology collaboration, however without financial assistance
Start-ups from the EU who will be visiting India in September
Start-ups from India who will be visiting EU in October
This initiative aims to foster cross-border partnerships, provide valuable insights into local market dynamics, and drive innovation and growth in the battery recycling industry. By bridging the gap between the two ecosystems, the EU-India Trade and Technology Council seeks to promote mutual growth and development in the battery recycling industry.
India's Lithium-ion Battery Market size is currently valued at approximately € 52.1 Million in 2024 (projected to grow around € 1.4 Billion by 2030), and the EU market stands at around € 18.1 billion in 2022, projected to grow around € 86.8 Billion by 2032. While this presents an opportunity for companies to drive industry expansion in both the markets, it also necessitates cross-border innovation and collaboration. Recycling Li-ion batteries will help in reducing dependency on international imports, drive circularity of rare materials, and retain an independent value chain.
Background on the matchmaking event
Organized in a hybrid format by the EU and the Office of the Principal Scientific Adviser to the Government of India, under the aegis of the EU-India Trade and Technology Council (TTC) Working Group 2, the event provided a platform for start-ups and SMEs to showcase their innovative solutions to a global audience of venture capitalists and solution adopters.
Co-chaired by Mr. Marc Lemaitre, Director-General for Research and Innovation at the European Commission, and Professor Ajay Kumar Sood, Principal Scientific Adviser to the Government of India, the WG2 focuses on Clean and Green Energy Technologies. The event hosted H.E. Mr. Herve Delphin, Ambassador of the European Union to India, and H.E. Mr. Saurabh Kumar, Ambassador of India to Belgium, Luxembourg, and the European Union (EU), including other honorary members of the EU & India Innovation Ecosystem.
The EU-India Trade and Technology Council (TTC), announced by Ms. Ursula von der Leyen, President of the European Commission, and Shri Narendra Modi, Prime Minister of India, was established on 6 February 2023. It serves as a platform for strategic engagement on trade and technology between the two partners. The matchmaking initiative represents a significant milestone in strengthening EU-India bilateral cooperation through science, research and innovation.