LOHUM and Stride Green, a new-age asset finance and management platform supporting eco-conscious businesses across India, signed a strategic partnership to ease financing of electric vehicles through underwriting the residual value of batteries.
LOHUM as an Extended Producer Responsibility (EPR) partner registered under India’s Battery Waste Management Rules (BWMR 2022) will enable Stride Green to seamlessly provide its partners with new age EV fleet battery recycling & reuse solutions. This association will empower Stride Green partners in getting the right valuation for the batteries when they reach the end-of-life, optimizing the reduction of CO2 and enabling additional value extraction from existing EV battery assets. The proposition covers up to 5000 electric vehicles in the next couple of years.
LOHUM on the back of its technology process is writing a put option for stride which will help them mitigate their residual value risk and thus help penetrate the market.
“We applaud Stride Green’s dedication to supporting deep-tech innovation through LOHUM as a technology partner. By adopting LOHUM’s technologies for battery asset and EV Fleet management, Stride Green has taken yet another leap towards accelerating the clean energy transition at home and across the ecosystem,” said Rajat Verma, Founder & CEO of LOHUM on the partnership.
Vivek Jain, Co-founder and CBO at Stride Green said “This partnership with LOHUM marks a significant step in enhancing our battery lifecycle management capabilities. This collaboration aligns with our commitment to environmental stewardship and allows us to leverage LOHUM’s advanced technologies to optimize value from EV batteries efficiently. By doing so, Stride Green reinforces its role in leading sustainable asset finance solutions and advancing the clean energy transition in India.”
The agreement synergizes both companies’ drive for sustainable electric mobility and innovative energy transition solutions Made in India while slowing down the demand for mined, primary ecosystem battery raw materials, which come at steep ecological and humanitarian costs.
