Indian CAM Manufacturer Altmin Announces $100 Million Investment Plan
Altmin Private Limited, a Hyderabad-based company that was one of the first in India to manufacture cathode active material (CAM) for lithium-ion batteries, has announced that it will invest US $100 million over the next five years. With growth capital guaranteed, the company plans to build its first 3 GWh CAM plant by early 2025.
They have already set up a small factory in Hyderabad for making Lithium Ferrophosphate (LFP), which is part of their effort to be innovative in the new area of battery material processing in India.
A big company in India, which makes iron phosphate and other materials but hasn’t been named, has invested in Altmin. This company now owns 22% of Altmin.
Upwisery, a specialized investment banking firm, helped Altmin a lot in getting this investment. DSK Legal advised the investor who put money into Altmin.
A formal strategic agreement has been reached by Altmin and YLB, Bolivia’s publicly traded lithium deposit firm, to further their collaboration in the procurement of lithium and Altmin’s proprietary C-LFP technology.
“Altmin with aspirations to become the largest manufacturer of LFP, a cathode material required for EV battery production, aims to establish itself as a Tier 1 supplier to global cell manufacturers, leveraging a low-cost manufacturing ecosystem in India. The company envisions creating a robust supply chain to support India’s transition to clean energy,”said Anjani Sri Mourya Sunkavalli, Founder of Altmin.
Sunkavalli further disclosed that test trials of the material developed at the pilot stage are ongoing with various clients and that Altmin has already garnered interest for its battery materials from a number of global battery players.
“With this initial funding round from our strategic investor, we have secured the complete supply chain for our raw materials and will enable the company to transition from pilot-scale operations to full-scale commercial manufacturing”Sunkavalli commented.
In order to ensure a steady and reliable supply of battery-grade lithium carbonate, Altmin has established a sourcing agreement with the Bolivian state company YLB. In addition, the company has formed a strategic alliance with the Advanced Research Centre for Powder Metallurgy and New Materials (ARCI) as its technology partner.