India's closed-loop supply chain for battery metals.
Circle8 sources, grades and moves end-of-life batteries and black mass to domestic recyclers and refiners, and publishes the benchmark that flow creates. Metals recovered locally, sold globally.
Lithium-ion battery scrapEnd-of-life EV, two/three-wheeler and consumer cells
Black massShredded, dried cathode and anode material
Lithium carbonateLi₂CO₃ — white crystalline powder
Cobalt sulfateCoSO₄ — pink-red crystals
Nickel sulfateNiSO₄ — green crystals
Manganese sulfateMnSO₄ — pale pink crystals
35Recyclers we work withAcross India, supplied with graded battery scrap and black mass.
930 MTBattery scrap suppliedLithium-ion battery scrap moved to domestic recyclers to date.
3,395 tHelped avoid CO₂e3,394,500 kg of CO₂ equivalent that Circle8's recycler network has helped avoid, by diverting battery scrap from landfill or primary mining.
/Industry03
The bigger picture
India's battery-scrap problem, in numbers
The volume of spent lithium-ion batteries India has to deal with is growing fast, and today most of it isn't recycled at all.
14M tIndia's e-waste by 2030Up from 6.19 million tonnes in 2024, growing near 17% a year — NITI Aayog, 2026.
~10%Of India's e-waste is recycledAgainst a 22% global average, and over 55% in the EU and US — NITI Aayog, 2026.
233ktEnd-of-life battery waste by 2035Up from about 19,000 tonnes in 2023 — roughly 26% growth a year — NITI Aayog, 2026.
/Challenges04
The problem
Four gaps between recycling capacity and a working market
Recycling capacity in India is growing, but the market around it is still forming. These are the gaps Circle8 is built to close.
Black mass and scrap are traded without a common written spec, so two lots with the same name can be worth very different amounts.
002
Prices are discovered elsewhere
Reference prices for black mass are largely set in overseas markets, so Indian sellers often price against benchmarks that were not built for their material.
003
Supply that leaks out of view
Used batteries sitting with repair shops and informal channels are hard to collect, document or grade, so value and volume slip away.
004
Compliance without provenance
Recycling certificates are only as good as the records behind them, and inflated or fraudulent certificates have been flagged as a problem.
/Our storyMission
Why we started
Recovered locally, sold to the world
Circle8 started in India's battery scrap market doing what everyone else in it does: buying and selling material, one lot at a time. What became clear fast was that the market itself was the real gap — no shared way to grade a lot, no domestic price reference, and volume that never made it into any record at all. We built Circle8 to fix the market underneath the trade, not just move material through it: grading, documentation and a price benchmark that a market this size should already have.
Focus
Li-ion battery scrap and black mass, India-wide
What we build
Trade, documentation and a price benchmark, on one platform
Who it's for
Recyclers, refiners, producers and OEMs
/Route07 steps
How it works
One route from scrap to refined metal, with a record at every step
Each step is run on TradeHub, documented in Trace, priced in BMx or sold through MetalX.
01TradeHub
Collect
Scrap batteries come in from OEMs, fleets, repair shops and service centres. Sellers list what they have and sell it to Circle8.
Produces: a collection record
02Trace
Grade
Each lot is sorted by chemistry and format against a written grade specification, and a lot file is opened that follows it from here on.
Produces: a grade sheet and lot file
03TradeHub
Supply
Graded scrap batteries are moved, with transport and custody documents, and supplied to recyclers who buy from Circle8.
Produces: a delivery receipt
04BMx
Assay
Black mass is assayed by ICP-OES at an accredited or in-house lab, and the report reference is attached to the lot.
Produces: an assay certificate
05BMx
Price and trade
Each lot is priced with the calculator's payable logic, then listed, enquired on and traded on that basis.
Produces: an agreed lot value
06BMx
Benchmark
Payable rates across listed lots are published as a low, median and high benchmark for each chemistry.
Produces: a payable benchmark
07MetalX
Refine and sell
Black mass is refined into metals and salts by Circle8's refiner partners, then sold back into the market through MetalX, documented back to the original lot.
Produces: a documented sale
Step 01 of 07
/Battery Scrap03
001TradeHub
Sell scrap batteries to Circle8, or buy graded lots from Circle8
TradeHub is the direct channel between you and Circle8. One counterparty, clear terms, and the pickup and paperwork handled.
Sell: list chemistry, format, quantity and location, get Circle8's quote, and schedule the pickup.
Buy: purchase chemistry-graded scrap batteries from Circle8.
Documented: every lot you trade with Circle8 gets a record in Trace.
Calculate the indicative payable value of a lot, browse tested lots on BMx Marketplace, and see the payable benchmark by chemistry — all on the same payable logic, on its own page.
Turn metal content, market prices and agreed payables into an indicative buying price for a lot of black mass, in rupees per kg.
Marketplace
Browse tested black mass lots from the Circle8 network, with assay, quantity, testing details and an indicative payable.
Benchmark
Low, median and high payable rates by chemistry, drawn from the lots currently listed.
/Refined metalsMetalX
003MetalX
Refined battery metals and salts, sold back into the market
MetalX is where the recycling chain comes full circle: Circle8 sells the refined metals and salts that come out the far end — copper, cobalt, nickel, lithium carbonate and graphite — sourced from vetted refiner partners and documented back to the originating lot.
Eight materials, recovered from the same TradeHub-to-BMx recycling chain.
Grade and certificate of analysis shared per lot.
Sourced only from vetted refiner partners, with Pan-India delivery.
Trace keeps the file behind each lot end to end: how the scrap was sourced, what the lab found, how it moved, how the black mass was processed, and what chemicals it was finally sold as — grade, buyer and invoice reference included. Refiners get provenance, producers get proof, buyers get a record they can attach to an invoice, and everyone gets fewer disputes.
Lot-level records from scrap procurement to the chemicals sold.
Grade sheets and assay certificates stored with the lot.
Processing and final-sale details, including buyer and invoice reference.
Shareable read-only links and downloadable records, ready for EPR, compliance or an invoice.
Black mass assayedIndependent sampling and lab result
Complete
Price finalisedAgreed payable for the lot
Complete
ShippedMovement to the processor
Complete
ProcessedConverted to refined chemicals
Complete
Chemicals soldGrade, buyer and invoice reference
Pending
/Who it's for05
Every side of the market
Built for the people who make this market work
Turn scrap batteries into a clear, documented sale
Repair shops, fleets, businesses and industrial units sell to one counterparty, on clear terms.
TradeHubList your batteries, get Circle8's quote, schedule the pickup and get paid.
TraceKeep a record of every lot you sold.
Buy graded scrap, sell black mass on a price you can check
Source feedstock from Circle8, then value and sell your black mass on payables.
TradeHubBuy chemistry-graded scrap batteries from Circle8.
BMxValue your black mass on payables, then list it or submit it for Circle8 verification.
TraceKeep a documented file for every lot.
Buy black mass with the numbers laid out
Plan capacity around lots with a written grade, a lab assay and a traceable origin.
BMxBrowse tested lots with assay, quantity and testing details, priced on payables.
TraceReceive provenance and assay records with every delivery.
TradeHubBuy graded scrap batteries from Circle8 if your process starts there.
Know where your end-of-life batteries went
Follow material from collection to black mass, with the records to show for it.
TradeHubSell your end-of-life batteries to Circle8.
BMxSee what the black mass from your batteries was worth.
TraceHold a documented record that supports your EPR reporting.
A neutral record for a young market
Reference data and provenance for decisions on lending, cover and policy.
BMxUse a published payable benchmark drawn from listed lots.
TraceRely on lot-level provenance for underwriting and audits.
TradeHubSee scrap battery flows through a single, documented counterparty.
/Our network35
Who we work with
Working with 35 recyclers across India
Circle8 supplies graded, documented battery scrap and black mass to a growing network of recyclers nationwide.
+ 23 more
Have black mass to sell?
Recovered in India, sold to the world.
Trade it, trace it and price it here. Circle8 is building the supply chain and the benchmark that take India's recovered battery metals to market, wherever that market is.
TradeHub is where you sell scrap batteries to Circle8 or buy them from Circle8. BMx is for everything black mass: work out a payable price, browse and enquire on tested lots, and follow the payable benchmark. Trace keeps the documented chain-of-custody record for each lot, from scrap procurement through to the chemicals sold.
002What is MetalX?
MetalX is where Circle8 sells the refined battery metals and salts that come out the other end of the recycling chain — copper, cobalt, nickel, lithium carbonate and graphite — sourced from vetted refiner partners. It's the market-facing counterpart to TradeHub (scrap in) and BMx (black mass in the middle), and like them, each lot is documented by Trace.
003How does the BMx calculator work?
Enter the net weight and moisture, the market prices for cobalt, nickel and lithium hydroxide plus USD/INR, then each metal's content and payable. A payable is the share of contained metal value paid to the supplier. BMx values each metal, adds them up, converts to rupees and deducts moisture to give an indicative net payable price per kg and per tonne. Leave lithium blank if it is not payable. The result is indicative, not a quote.
004Can I buy and sell black mass on BMx?
Yes. BMx Marketplace lists tested black mass lots from the Circle8 network, each with assay, quantity, testing details and an indicative payable. You can enquire directly on a lot or submit your material for Circle8 verification. Submitted material is reviewed before it is published. GST is shown separately at 18%.
005How is the payable benchmark determined?
Today the benchmark shows the low, median and high payable rates across the lots currently listed on BMx Marketplace, by chemistry, and every lot carries a lab assay and report reference. The plan is to move it to verified, executed trades as they build up, with the methodology open to consultation.
006How will you keep the benchmark separate from your own trading?
As the benchmark moves to executed trades, Circle8's own trades will be submitted like anyone else's, our share of volume will be disclosed, and methodology changes will go through consultation before they take effect.
007Who can use TradeHub?
TradeHub is for trading scrap batteries with Circle8. Repair shops, fleets, OEMs, businesses and industrial units can sell to Circle8, and recyclers and other buyers can buy graded lots from Circle8.
008What exactly does Trace track, and is it live?
Trace documents a lot in six stages: scrap procured, black mass assayed, price finalised, shipped, processed, and the resulting chemicals sold — with grade/purity, buyer and invoice reference captured at the final sale, and the record closing once that stage is complete. The six stages are wired up in our internal custody-logging tool; the lookup on the Trace page is live as real lots get logged there, so you may still see illustrative examples until then. Anyone can start logging a real lot directly from the Trace page.
009Can I share a lot's Trace record with a buyer, e.g. with an invoice?
Yes. Once a lot's stages are logged, Trace can generate a read-only link to that lot's record for anyone signed in, or a standalone, sign-in-free document summarising all six stages that you can download and attach directly to an invoice or send to a buyer.
