Recycling E-waste Isn't Costly; It's A Profitable Business Model: Nitin Gupta, CEO & Co-founder, Attero

Nitin Gupta's mantra for success in the e-waste industry revolves around the principle, 'It's not waste until it's wasted.' With a strong desire to make a notable change in the cleantech space, he co-founded Attero in 2008, the only company in the world to receive carbon credits for recycling e-waste and Li-ion waste. He has worked closely with institutions such as the Niti Aayog, to help build a strong foundation for e-waste and Li-ion recycling industry in India. In an interview, the CEO and Co-founder of Attero explained all the insights into the e-waste recycling industry:

Read interview excerpts:

How does your company manage to remain profitable while recycling e-waste and generating carbon credits, despite the perception that it’s an expensive process?
The company has a very strong focus on technology. As a company today, we have more than 46 granted patents out of the total 200+ applications on recycling technologies. These patents span across the US, Europe, and Asia. There is absolutely no one else with this kind of technological strength or IP portfolio. There were no parallels as far as another electronic waste and battery recycler in the world went when it came to generating carbon credits for every ton of waste they recycled. We refine electronic waste to extract high quality, 99.9 percent pure gold, and the same as for silver, copper, aluminum, and other metals. Also, from lithium-ion, we are getting 100 percent high-quality lithium carbonate, as well as pure nickel, and manganese sulfate. The ESG footprint of extracting these metals through recycling is significantly lower than mining them from virgin ores or using other secondary sources available today. That’s why we are able to generate carbon credits. Regarding the cost of recycling electronic waste, I understand there’s a perception that it is prohibitively expensive. However, Attero is a scaled company today. From a revenue perspective, we are roughly doing Rs 1,100 crore this year, and we are profitable while recycling electronic waste and producing green gold. This profitability should address concerns about the viability of this business. Whenever the e-wastes are weighed, they are 98%, or even more, pure in obtaining lithium-ion batteries. We make green gold; it is recycling electronic waste as well as making profit.

Why e-waste recycling is increasingly being referred to as urban mining, as well as metals in terms of content or grade comparison with traditional mining sources? E-waste is comprised of such items as cell phones, laptops, refrigerators, washing machines, and so on. Compared to that obtained from traditional mining, the most precious metals come from e-waste. Gold is 10 times higher than that found from mined gold. So, it is also urban mining. We can extract green metals from electronic waste without digging up the earth, using the most advanced technology available.

How much e-waste is needed to extract a particular amount of gold?
Gold and silver, in their pure form, can be obtained from the printed circuit boards (PCBs) of electrical or electronic devices. For example, an electronics appliance like a mobile phone, the inner CMS is the brain of the device. Such PCBs generally contain around 200 parts per million (ppm) of gold, equivalent to 0.02% weight. So, if you collect 1 ton of PCBs, you can get out about 200g of gold. Numbers can vary from one form of e-waste to another: For example, mobile phones generally carry more gold content as compared to washing machines. Two million metric tonnes is what India generates as e-waste every year: That number is open to debate, but it’s no small amount. Added to that, consumer behavior has changed. Unlike in previous generations able to keep a fridge for up to ten years, one can only keep it for quite so long because today has seen a rather quick technological and distinctly decreased material usage/in unit leading to a contracted life of electronic devices that people really replace more frequently, leaving a big contribution to e-waste generation.

How e-waste is collected in India?
The scrap is collected. It is then taken to a local aggregator. This aggregator, often a daily wage earner, collects scrap from various houses in a specific locality and sells it to a local aggregator. The local aggregator funds working capital and manages a network of these last mile scrap collectors. Once the scrap is aggregated, it is sold to a larger aggregator, whom we can call aggregator level two. This second-level aggregator still funds working capital for the first-level aggregators, but on a larger scale. The second-level aggregator decides which items can be reused and sold in the market. For instance, when an old air conditioner is disposed of, the collector may bring it to aggregator level two. If the compressor is still functional, it can be reused, while the rest of the AC is dismantled for scrap materials like plastic, iron, and copper. The precious metals are then sold to places like Moradabad for gold and silver extraction. The traditional scrap value chain in India involves hazardous practices, especially in the final stages of metal extraction. Women and children, in particular, are involved in the informal sector, handling tasks like copper extraction. For example, a copper wire from a charger might be stripped of its plastic by children using knives or by burning the wire, which releases harmful carcinogenic fumes. Another hazardous practice is the recycling of printed circuit boards. In the informal sector, these boards are often dipped in a mixture of cyanide and sulfuric acid to extract gold. While cyanide has a strong affinity for gold, it is highly poisonous. The resulting cyanide solution is often dumped in nearby water streams, creating significant environmental and health risks. Informal recycling causes environmental damages worth over $10 billion each year in India. Dangerous chemicals and pollutants from this industry severely affect many people, mostly women and children, who may not even have proper protective equipment, and are seen to be crippled with severe health problems and an average life expectancy under 27 years.

How does Selsmart address the growing issue of e-waste in India and promote sustainable recycling?
India generates over 16 million metric tons of e-waste yearly, and this number steadily increases. Most of the e-waste finds informal recycling, and there is almost no channel for proper handling. The future contemplates consumer access to powerful recycling solutions, accompanied by promoting the circular economy. Selsmart is Attero's direct-to-consumer platform, which brings about a direct, efficient way for consumers to recycle their e-waste properly. Our users can now sell their used appliances in the comfort of their homes in three easy steps, making sure they are disposed of in environmentally friendly ways, thus contributing towards a cleaner and greener future. Selsmart is a way to ensure that individual households can contribute in a bigger measure towards the cause of sustainable recycling. By ensuring that used appliances are recycled in a sustainable way so that they are not added to the informal recycling networks, we are also trying to manage the risks to water and atmosphere which are caused by harmful e-waste disposals. Our user-friendly delineation proceeds from a transparent mechanism for the valuation of used goods at home that can now be sold in just 3 easy steps. In this process, our Logistics and Operations team continuously endeavors for picking up e-waste from your doorstep while ensuring its responsible disposal in our premises. We intend to set up a network of 60 representative contacts to cover.

How does Metal Mandi ensure transparency and fair pricing in the scrap collection process?
MetalMandi is working to digitize the scrap collection process, ensuring fair and transparent pricing for all stakeholders involved. This approach provides clarity and fairness in pricing, which addresses many of the challenges in the industry.

How does it comply with environmental and waste management regulations?
It collects scrap and sends it to a recycling facility. The sorting facilities are fully compliant with environmental and waste management regulations, ensuring 100% compliance with the necessary standards.

What standards should companies follow when submitting their BRSR reports, given the confusion around certifications? While BRSR reporting isn't fully mandatory yet, top 1,000 companies must file quarterly results. The challenge lies in choosing the right certification for net-zero claims, as multiple certifications exist across industries. For example, the BFSI sector often uses GRI certification, hotels prefer Green Key, and the jewelry industry relies on Responsible Jewelry Certification to ensure ethical sourcing. For broader applicability, ISO certifications like ISO 450065 or ISO 14001 may serve as common standards across industries, as they assess operational carbon footprints. A unified net-zero standard is needed to simplify compliance and reduce confusion.

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