India imports most of the critical metals required for battery production, despite the fact that spent lithium-ion batteries, whose volume is growing annually, contain many of these materials.
The Concept of Metastable Materials
Metastable Materials, based in Bangalore, was founded on the idea that spent batteries should be viewed not as waste, but as ore that can be refined. The company was established in October 2021 by IIT Roorkee graduates Shubham Vishwakarma and Manikumar Uppala. They extract lithium, cobalt, nickel, copper, and aluminum from used batteries and sell them as purified commodity metals.
The founders initially developed the necessary chemistry during their studies. Uppala studied mechanical engineering and materials science, later specializing in equipment design and manufacturing at NBC Bearings, part of the CK Birla Group. Vishwakarma also worked in the advanced materials division of this company.
The Process of Turning Batteries into Metals
Metastable acquires spent lithium-ion batteries, disassembles them, and purifies the internal materials into high-purity metals. Vishwakarma states that the company is a supplier of sustainable raw materials and possesses high expertise in refining.
The entire process is comprehensive: from purchasing and dismantling batteries to recovering and extracting metals. Battery dismantling is carried out underwater, which eliminates the risk of fire and the emission of toxic gases typical of traditional crushing methods. The central element of the process is a patented and registered reaction called Integrated Carbothermal Reduction. According to the company, this approach is what distinguishes it from standard battery recycling.
Most recycling operations use external chemicals to break down the bonds between metals, but the Metastable process does not require this. Vishwakarma explains that they found a way to make the contents of the battery react with something else already inside the battery, without adding external components.
After the reaction is complete, the individual metals are separated based on their physical properties. Copper is extracted under pressure, lithium is dissolved in water, and nickel and cobalt are separated using magnets. Vishwakarma notes that these are 'simpler, yet effective' methods.
Developing Proprietary Equipment
To implement this process, the company had to develop a significant portion of its own equipment. Metastable designs and manufactures most of its machinery, including magnetic separators, density separators, agitators, boilers, furnaces, mills, and crushers. Furthermore, the team created a zero liquid discharge system, described as one of the most compact in India, allowing all liquid waste generated during the process to be reused.
Customers and Market Relations
Since Metastable produces purified commodity metals, rather than battery-specific intermediate products, its clientele extends beyond the battery industry alone. Lithium is sold to manufacturers of glass, ceramics, cement, and lubricants. The largest global consumer of nickel remains the stainless steel manufacturing sector, and Metastable's products can be supplied into this supply chain.
Vishwakarma points out that meeting industry requirements regarding purity, contamination levels, and particle size remains an ongoing challenge. Cobalt is used in the production of pigments and magnets, copper goes into the production of castings and tires, and aluminum is mainly sold for automotive casting.
Regarding supplies, Metastable receives spent batteries from various suppliers—from local scrap metal collectors in Delhi to large manufacturers of two- and four-wheeled vehicles. The company collaborates closely with suppliers on logistics and safety requirements for transporting batteries. Before starting large-scale deliveries, Metastable determines product technical specifications jointly with clients. For instance, for magnet manufacturers, the permissible level of manganese contamination in cobalt must be agreed upon, as manganese can affect magnetic properties. NMC (nickel-manganese-cobalt) cell manufacturers are another major category of clients.
The company's business model is straightforward: Metastable buys batteries at market prices and sells purified metals based on commodity benchmarks, including the London Metal Exchange, Shanghai Metal Exchange, MCX India, and Bombay Metal Exchange. The final price depends on volume, purity, and client relationships.
Financial Performance and Competition
Revenue generation began in 2025. Metastable's production facility in Bangalore has a set capacity of 1500 tons per year, and its utilization has doubled over the last three quarters. Vishwakarma aims to eventually reach a utilization rate of 80% to 90%. According to IMARC Group data, the global battery recycling market was valued at $18 billion in 2025 and is projected to reach $32.9 billion by 2034. In India, Metastable competes with companies such as Attero Recycling, Lohum, BatX Energies, and Tata Chemicals.
Plans for Business Scaling
Metastable has already secured two rounds of funding. In January 2022, the company received a seed round led by Akshay Singhal and Kartik Hajela from Log9 Materials, followed by a seed round in 2023 from Surge (the accelerator program of Peak XV Partners, formerly Sequoia India & SEA), Speciale Invest, Theia Ventures, and Climate9ers. The company did not disclose the amounts of funding. These funds were used for building two factories, filing patent applications, and forming a team of over 50 employees across offices and production sites.
Currently, the main focus is on increasing capacity. Vishwakarma emphasizes: 'We have proven that this is better. Now we need to scale. We will build as fast as possible. Factories still take time to build; they are physical assets.' This implies the need to construct additional plants and form corresponding operational teams.
Since 2024, Metastable has been operating in one office and two plants: on half an acre of land in the Karohalli industrial zone in Bangalore and a second facility in Delhi, chosen due to its proximity to raw material sources. The next phase involves expanding its presence. Vishwakarma is already inspecting sites in Rajasthan to assess potential locations. The company also continues to refine new processes while prioritizing patent filings. In 2026, Metastable's main objective is scaling.