Deep-tech startups in India's critical minerals space are moving from labs to industrial-scale bets. Meerut-based Circulogy Cleantech Private Limited has signed an MoU with Invest UP to build a lithium-ion battery and rare earth refinery in Meerut, with a planned investment of around ₹200 crore, the Free Press Journal reported on October 20, 2026.
The proposed refinery will recover lithium, cobalt and nickel from used lithium-ion batteries, and extract rare earth elements — neodymium, dysprosium and terbium — from old permanent magnets found in electric vehicle motors, hard drives and electronic devices. At full capacity, the facility is expected to process 10,000 tonnes of material annually and create 300 direct and 1,000 indirect jobs.
Circulogy is a DPIIT-recognised deep-tech startup in the circular economy, backed by the UP Startup Mission, and will develop the refinery in phases. Under the MoU, the state government will facilitate clearances and approvals and support the project's access to central and state incentive schemes.
The move lands as New Delhi pushes hard on critical-mineral self-reliance: the government runs a ₹1,500 crore incentive scheme for recycling critical minerals from e-waste and used batteries, and in November 2025 the Union Cabinet approved a ₹7,280 crore scheme to build domestic rare earth permanent magnet capacity of 6,000 tonnes a year.
Why it matters for founders
Critical minerals and battery recycling are becoming a serious deep-tech category in startup funding in India — with state MoUs, incentive stacks and a national mission behind it. Founders in cleantech should map the National Critical Minerals Mission's incentive schemes before locking their capital expenditure plans.