Hyderabad-based Altmin Private Limited, the pioneer in manufacturing of cathode active material for lithium-ion batteries in India, has announced an overall investment outlay of $100 million over the next five years. The company successfully secured growth capital from a prominent Indian family office, renowned as a leading manufacturer of iron phosphate and other precursors in India, accruing 22% stake in Altmin. This transaction represents a significant milestone in the electric vehicle value chain in India and underscores Altmin’s strategic positioning in the market.
A first-of-its-kind plant
Utilising the growth capital, Altmin plans to set up a 3 GWh plant by 2025, which will be the first-of-its-kind in India to produce cathode active material (CAM) for lithium-ion batteries. CAM is a key component of battery cells that determines the energy density, power and safety of the battery. Altmin has partnered with the International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI), under the Union Ministry of Science and Technology, to develop and scale up the production of CAM using indigenous raw materials and technologies.
A boost for the EV ecosystem
The plant will cater to the growing demand for high-quality and cost-effective CAM from various sectors, especially the electric vehicle (EV) industry, which is expected to witness a rapid growth in India in the coming years. According to a recent report by BloombergNEF, India’s EV market could reach 6.34 million units per year by 2030, up from 0.33 million in 2020. This would require a massive increase in battery production capacity, which is currently limited by the dependence on imported CAM from China and other countries. Altmin aims to bridge this gap by offering locally manufactured CAM that meets the global standards of performance and quality.
A vision for a sustainable future
Altmin’s vision is to become a leading producer of indigenously developed next-generation and eco-friendly battery materials and develop its own lithium-ion cell chemistries while creating the supply chain that enables the future energy requirements of the world. The company is committed to making India self-reliant in the fast-growing lithium-ion battery and EV segment by ensuring an uninterrupted supply chain from its partnered mines in South America, assuring consistency in quality and pricing. Altmin also claims to have a low-carbon footprint and a high recycling rate for its products, contributing to the environmental and social benefits of clean energy.