Indian CAM manufacturer Altmin announces an investment outlay $100 mn

Hyderabad based Altmin Private Limited, an early pioneer manufacturing of cathode active material (CAM) for lithium-ion batteries in India, has announced an overall investment outlay of US $100 million over the next five years. With an assured growth capital, the company is targeting its first 3 GWh CAM plant by early 2025. 

The company has already established a pilot plant dedicated to Lithium Ferrophosphate (LFP) production in Hyderabad, as part of it commitment to technological innovation and advancement in the emerging field of battery material processing in India. 

The latest investment comes from an unnamed investor, a leading manufacturer of iron phosphate and other precursors in India, who has also secured a 22 percent stake in Altmin. 

Upwisery, a boutique investment banking firm, has played a pivotal role as the exclusive sell-side advisor to Altmin in this financial venture, while DSK Legal provided advisory services to the family office investor involved.

"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 added that Altmin has already secured interest from multiple battery players across the globe for its battery materials. The test trials of the material produced at the pilot stage are also going on with multiple clients, he revealed.

"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.

Altmin has secured a sourcing tie-up with Bolivian state company YLB for consistent and secure supply of battery-grade lithium carbonate. Additionally, the company has forged a strategic collaboration with the Advanced Research Centre for Powder Metallurgy and New Materials (ARCI) as its technology partner.