Altmin aims to invest USD 100M in cathode material manufacturing

Hyderabad-based Altmin Private Limited, a cathode material manufacturer for lithium-ion batteries in India, announced a plan to invest 100 million USD over the next five years. The company has secured growth capital from an Indian family office, a manufacturer of Iron Phosphate in India, acquiring a 22% stake. The funds will be used to initiate a 3 GWh plant by 2025. The company aims to raise more debt/equity from large family offices, private equity, venture capital, sovereign wealth funds, strategic MNCs and global funds.

Altmin is currently a pre-revenue company, its investment focus includes technology, R&D, upscaling, land procurement (20 acres of land from Govt of Telangana), machinery for the pilot plant, and strategic partnerships with YLB, Bolivia, and WMG, University of Warwick, UK.

Altmin aims to invest the initial USD 35-40 million to establish the first 3 GWh CAM plant, producing 9,000 tons of LFP annually, with a subsequent investment of USD 60-70 million for further expansion to 10 GWh by 2030 in the next 6 years, claimed an official statement.

Altmin has established a sourcing partnership with Bolivian state company YLB to secure a stable supply of battery-grade lithium carbonate. Additionally, the company has entered into a collaboration with the Advanced Research Centre for Powder Metallurgy and New Materials (ARCI), an autonomous R&D Centre under the Department of Science and Technology (DST), Government of India, serving as its technology partner. Altmin has set up a pilot plant in Hyderabad for LFP production.

Anjani Sri Mourya Sunkavalli, Founder of Altmin, stated, “Altmin with aspirations to become the largest manufacturer of Lithium Ferrophosphate (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. With our commitment to creating a sustainable circular economy, we have already secured interest from multiple battery players across the globe to supply our materials, and test trials of the material produced at the pilot stage are already going on with multiple clients. With this  initial funding round from our strategic investor had secured its complete supply chain for our raw materials and will enable the company to transition from pilot-scale operations to full-scale commercial manufacturing.”

Also read: Altmin and YLB (Bolivia) to partner for Lithium and C-LFP technology