Lohum and Stride Green, a new-age asset finance and management platform, have inked a strategic partnership to ease the financing of electric vehicles through underwriting the residual value of batteries.
Lohum will enable Stride Green to seamlessly provide its partners with new age EV fleet battery recycling and reuse solutions. This association will enable Stride Green partners to get the right valuation for the batteries when they reach the end-of-life, optimising 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 Chetan Jain, Senior Vice President - Business Operations of Lohum.
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 optimise value from EV batteries efficiently."
The agreement synergises 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.