Circulogy Cleantech Private Limited, a deep-tech startup based in Meerut, plans to invest approximately ₹200 crore in the state. The company has signed a Memorandum of Understanding (MoU) with ‘Invest UP’ to establish a lithium-ion battery and rare-earth refinery in Meerut. This project is expected to generate direct employment for about 300 people and indirect employment for 1,000 others.
Sumit Mahajan, CEO of the UP Startup Mission, stated that the Yogi government is focused on encouraging local entrepreneurs, startups, and technology-driven industries. Through the UP Startup Mission, efforts are being made to transform new ideas into commercial projects and provide opportunities for startups to grow.
The proposed project in Meerut represents a significant step toward connecting local startups with large-scale industrial investments, which is likely to foster the development of technology-based industries in Western Uttar Pradesh.
He further explained that Circulogy’s refinery will be developed in phases. Once fully operational, it is planned to process 10,000 tonnes of material annually. The refinery will recover critical minerals—such as lithium, cobalt, and nickel—from used lithium-ion batteries. Additionally, it will extract rare-earth elements like neodymium, dysprosium, and terbium from old permanent magnets found in electronic devices, hard drives, and electric vehicle (EV) motors.
These minerals are essential for the electric vehicle, renewable energy, electronics, and defence sectors. They play a vital role in everything from EV batteries and modern technological equipment to energy generation infrastructure. Consequently, recovering these minerals from discarded batteries and devices not only ensures better resource utilisation but also helps strengthen the domestic supply chain.
The CEO stated that domestic requirements for lithium, cobalt, and nickel are met almost entirely through imports. Similarly, reliance on imports for the supply of rare-earth magnets poses a significant challenge. Given this, it has become essential to develop domestic recycling and refining capabilities. The Government of India has taken several steps to foster self-reliance in the critical minerals sector. Under the National Critical Minerals Mission, the focus is on strengthening the entire supply chain for these minerals. This includes an incentive scheme worth ₹1,500 crore designed to promote the recycling of critical minerals from e-waste and used batteries.
Furthermore, in November 2025, the Union Cabinet approved a scheme with an outlay of ₹7,280 crore to promote the manufacturing of rare-earth permanent magnets in India, with a target of developing an annual production capacity of 6,000 tonnes. Recycled minerals and rare-earth oxides obtained from the refinery proposed by ‘Circulogy’ could prove valuable for such domestic industrial supply chains. Based in Meerut, Circulogy is a DPIIT-recognized deep-tech startup focused on the circular economy—specifically, the recycling and reuse of resources.
The company has received support from the ‘UP Startup Mission’ as part of Uttar Pradesh’s startup ecosystem. Under the Memorandum of Understanding (MoU), the Yogi government will facilitate the acquisition of necessary approvals and clearances. Additionally, the government will assist the project in accessing relevant central and state-level incentive schemes.
With an estimated investment of ₹200 crore, the proposed project has the potential to drive the expansion of emerging tech industries in the state while creating new employment opportunities. This could enable Meerut to develop an identity that encompasses both its traditional industrial activities and new sectors, such as the recycling and refining of critical minerals.
