New Delhi: Meerut-based deep tech startup Circulology Cleantech Private Limited has planned to invest around Rs 200 crore in the state. The company has signed an MoU with Invest UP to set up a lithium-ion battery and rare earth refinery in Meerut. The project will provide direct employment to about 300 people and indirect employment to 1,000 people.
Sumit Mahajan, CEO of UP Startup Mission, said that the Yogi government is emphasizing on encouraging local entrepreneurs, startups and tech-based industries. In this direction, efforts are being made to convert new ideas into business projects in the state through the UP Startup Mission and provide opportunities to the startups to move forward. The proposed project in Meerut is also an important step towards connecting the local startups of the state with large industrial investment. This is expected to boost the development of industries based on new technology in Western Uttar Pradesh.
He said that the refinery of Circularity will be developed in a phased manner. It plans to process 10,000 tons of material every year after reaching full capacity. Critical minerals such as lithium, cobalt and nickel will be recovered from the lithium-ion batteries used in the refinery. In addition, rare earth elements such as neodymium, dysprosium and terbium will also be extracted from old permanent magnets used in electronic devices, hard drives and motors of electric vehicles. These minerals are used in electric vehicles, renewable energy, electronics and defence. From batteries for electric vehicles to modern technological equipment and plants for power generation, they play an important role. Reclaiming these minerals from old batteries and equipment can help in better utilization of resources as well as strengthen the domestic supply system.
The CEO pointed out that imports account for almost the entire domestic requirement of lithium, cobalt and nickel. Similarly, dependence on imports is also a major challenge in the supply of rare earth magnets. In such a situation, it has become necessary to develop recycling and refining capacity within the country. The Government of India has also taken several steps to promote self-reliance in the field of critical minerals. Under the National Critical Minerals Mission, emphasis is being laid on strengthening the entire supply chain of critical minerals. It also includes an incentive scheme of Rs 1,500 crore to incentivize recycling of critical minerals from e-waste and used batteries.
Further, in November 2025, the Union Cabinet had approved a Rs 7,280 crore scheme to promote the manufacturing of rare earth permanent magnets in India. The scheme aims to develop a production capacity of 6,000 tonnes annually. Recycled minerals and rare earth oxides from Circulogy’s proposed refinery can prove useful for such domestic industrial supply chains. Meerut-based Circularology is a DPIIT-accredited deep tech startup that works on circular economy.
The company has received support from the UP Startup Mission under the startup ecosystem of Uttar Pradesh. Under the MoU, the Yogi government will facilitate in obtaining necessary approvals and clearances. Also, the project will also be supported in getting the benefits of the incentive schemes of the Central and State Government as per the applicable rules. The proposed project, worth about Rs 200 crore, has the potential to create new employment opportunities along with the expansion of emerging tech industries in the state. With this, Meerut’s identity can develop into new areas like Critical Mineral Recycling and Refining along with traditional industrial activities.
[DD news]