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In practice, PFEs largely refer to Chinese companies. In 2026, the allowable share of components sourced from PFEs is 40%, decreasing to 15% by 2030.",[725],{"type":605,"attrs":726},{"color":607},{"type":597,"attrs":728,"content":729},{"textAlign":49},[730],{"text":731,"type":602,"marks":732},"Although Jae Se’s CAM is produced in South Korea, its Chinese ownership places it in the PFE category, meaning sourcing CAM from the company would jeopardise a USOEM’s ability to make use of the tax credits.",[733],{"type":605,"attrs":734},{"color":607},{"type":736,"attrs":737,"content":739},"heading",{"level":738,"textAlign":49},2,[740],{"text":741,"type":602,"marks":742},"How is Jae Se restructuring?",[743],{"type":605,"attrs":744},{"color":607},{"type":597,"attrs":746,"content":747},{"textAlign":49},[748],{"text":749,"type":602,"marks":750},"To remove potential restrictions on access to the US market, Jae Se New Energy is being divided into two entities, Jae Se Tech and Jae Se Energy. The restructuring has been carried out via a spin-off, with existing shareholders, including Ronbay, receiving shares in the new entity in proportion to their current holdings.",[751],{"type":605,"attrs":752},{"color":607},{"type":597,"attrs":754,"content":755},{"textAlign":49},[756],{"text":757,"type":602,"marks":758},"Jae Se New Energy will reduce its Chinese ownership (Ronbay) from 100% to below 25%, with the remaining shares to be acquired by investors primarily based in South Korea and Singapore. So long as ownership from a single Chinese entity is under 25% or under 40% from multiple prohibited entities, material produced by the company won’t count against the tax credits.",[759],{"type":605,"attrs":760},{"color":607},{"type":597,"attrs":762,"content":763},{"textAlign":49},[764],{"text":765,"type":602,"marks":766},"Ronbay will continue to focus on the Chinese market, while Jae Se New Energy will target the North American and European markets. The deliberate dilution of Chinese ownership in a cathode producer to avoid US market access restrictions highlights the growing importance of North American cathode demand, which is expected to increase at a 24.1% CAGR between 2025 and 2030.",[767],{"type":605,"attrs":768},{"color":607},{"type":688,"attrs":770},{"id":690,"body":771},[772],{"id":773,"_uid":774,"type":695,"component":696,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"28447245","i-a9b0a44a-c6da-4db7-bd21-69d40d2ca568","In early April, Chinese Tier 1 cathode producer Jae Se, previously a wholly-owned subsidiary of Ningbo Ronbay Lithium Battery Material (Ronbay), announced plans to restructure its ownership in order to meet specific sourcing requirements resulting from the One Big Beautiful Bill Act (OBBBA), adopted by the US in July 2025.\n\nJae Se operates an active cathode facility in Chungju, South Korea, currently focused on nickel cobalt manganese (NCM) cathode production. The company is also developing a lithium manganese iron phosphate (LMFP) cathode line at the same site, with mass production expected to begin later this year. The Chungju facility will have a 70,000tpa nameplate capacity, with 10,000tpa allocated to LMFP and the remaining 60,000tpa to NCM cathode material.",[777],{"slug":544,"name":543,"content":778},{"job_title":557,"image":779,"bio":548,"linkedin":555,"markets_covered":298},{"filename":552},"article",[782,785],{"slug":783,"name":784},"batteries","Batteries",{"slug":786,"name":298},"cathode","private",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":789},{},{"id":791,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":792,"copyright":547,"fieldtype":553,"meta_data":793,"is_external_url":50},164364724513586,"https://a.storyblok.com/f/287943243085208/4608x3072/9c35423d75/adobestock_569079849.jpeg",{},"In early April, Chinese Tier 1 cathode producer Jae Se, previously a wholly-owned subsidiary of Ronbay announced plans to restructure its ownership in order to meet specific sourcing requirements resulting from the One Big Beautiful Bill Act (OBBBA).","Apr 10, 2026",{"id":797,"uuid":798,"name":799,"slug":800,"full_slug":801,"content":802},136732112060534,"7d470beb-9ecf-4916-9e61-7f5c89a5397a","How will China’s VAT rebate changes affect the battery market?","how-will-chinas-vat-rebate-changes-affect-the-battery-market","article/how-will-chinas-vat-rebate-changes-affect-the-battery-market",{"_uid":803,"date":804,"live":50,"tags":805,"editor":810,"content":820,"excerpt":955,"featured":51,"reporter":956,"component":780,"seo_title":799,"categories":960,"visibility":973,"author_company":547,"data_vis_image":974,"featured_image":976,"seo_description":980,"author_full_name":547,"author_job_title":547,"formattedDate":981},"a6a7af8b-62e8-44c1-9971-bce6e068d362","2026-01-15 00:00",[806,809],{"slug":807,"name":808},"policy","Policy",{"slug":572,"name":573},[811],{"slug":812,"name":813,"content":814},"didi-bostock","Didi Bostock",{"job_title":815,"image":816,"bio":818,"linkedin":819},"Editor - Energy Transition & Economics",{"filename":817},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":594,"content":821},[822,827,832,841,850,865,877,884,897,910,917,922,927,945,950],{"type":597,"attrs":823,"content":824},{"textAlign":49},[825],{"text":826,"type":602},"On 9 January, China’s Ministry of Finance and State Taxation Administration issued a joint statement outlining plans to phase out export VAT rebates for the battery and solar industries.",{"type":597,"attrs":828,"content":829},{"textAlign":49},[830],{"text":831,"type":602},"China has operated a long-standing VAT export rebate system to support exporters of manufactured products, including PV modules, cells, and battery materials, with rebates ranging from 6%–13%.",{"type":736,"attrs":833,"content":835},{"level":834,"textAlign":49},4,[836],{"text":837,"type":602,"marks":838},"What is it?",[839],{"type":840},"bold",{"type":597,"attrs":842,"content":843},{"textAlign":49},[844],{"type":845,"attrs":846},"image",{"id":49,"alt":847,"src":848,"title":49,"source":49,"copyright":49,"meta_data":849},"VAT rebate phase-out overview","https://res.cloudinary.com/benchmarkminerals/images/w_1024,h_479,c_scale/f_auto,q_auto/v1768493497/www-production/Screenshot-2026-01-15-160959_1351911a4245/Screenshot-2026-01-15-160959_1351911a4245.png?_i=AA",{},{"type":597,"attrs":851,"content":852},{"textAlign":49},[853,855,863],{"text":854,"type":602},"Under the new policy, VAT rebates for batteries will be reduced from 9% to 6% from 1 April 2026, before being eliminated entirely from 1 January 2027. The 13% VAT rebate for the solar industry will be completely phased out from 1 April 2026. The elimination of the rebate will also apply to battery materials such as ",{"text":856,"type":602,"marks":857},"nickel",[858],{"type":612,"attrs":859},{"href":860,"uuid":49,"anchor":49,"target":861,"linktype":862},"https://www.benchmarkminerals.com/nickel","_blank","url",{"text":864,"type":602},"-based pCAM and CAM, and LCO pCAM and CAM, as well as anode materials.",{"type":597,"attrs":866,"content":867},{"textAlign":49},[868,870,875],{"text":869,"type":602},"Notably, ",{"text":451,"type":602,"marks":871},[872],{"type":612,"attrs":873},{"href":874,"uuid":49,"anchor":49,"target":861,"linktype":862},"https://www.benchmarkminerals.com/cathode",{"text":876,"type":602}," CAM is excluded, as this historically has not received any export VAT rebates.",{"type":736,"attrs":878,"content":879},{"level":834,"textAlign":49},[880],{"text":881,"type":602,"marks":882},"How will it affect the market?",[883],{"type":840},{"type":597,"attrs":885,"content":886},{"textAlign":49},[887,889,895],{"text":888,"type":602},"From the battery cell side, the 3 percentage point drop in the VAT rebate will likely put pressure on producers to pass higher costs on to customers after April 2026, which in turn may pull forward ",{"text":890,"type":602,"marks":891},"battery demand",[892],{"type":612,"attrs":893},{"href":894,"uuid":49,"anchor":49,"target":861,"linktype":862},"https://www.benchmarkminerals.com/battery-gigafactory",{"text":896,"type":602}," in Q1 2026, as buyers look to secure lower prices.",{"type":597,"attrs":898,"content":899},{"textAlign":49},[900,902,908],{"text":901,"type":602},"As a consequence, this may lift battery output in the first quarter, temporarily boosting ",{"text":903,"type":602,"marks":904},"lithium carbonate",[905],{"type":612,"attrs":906},{"href":907,"uuid":49,"anchor":49,"target":861,"linktype":862},"https://www.benchmarkminerals.com/lithium",{"text":909,"type":602}," and hydroxide demand at a time when inventories are already tight, amplifying near-term price sensitivity without materially changing longer-term demand fundamentals.",{"type":688,"attrs":911},{"id":912,"body":913},"57167298-334b-4147-af29-1bdbce4c254a",[914],{"id":915,"_uid":916,"type":695,"component":696,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"27091265","i-8caf2257-5f14-4389-ae67-5ff06721f0de",{"type":597,"attrs":918,"content":919},{"textAlign":49},[920],{"text":921,"type":602},"However, consumers may also look further ahead to Q4 2026, before the elimination of the VAT rebate, leading to another potential boost in demand in that quarter before the start of 2027.",{"type":597,"attrs":923,"content":924},{"textAlign":49},[925],{"text":926,"type":602},"It is worth noting that this will only affect exported goods that are subject to VAT. Cells sold domestically are unlikely to see a significant change in demand or prices.",{"type":736,"attrs":928,"content":929},{"level":834,"textAlign":49},[930,934,941],{"text":931,"type":602,"marks":932},"What does this mean for ex-China ",[933],{"type":840},{"text":935,"type":602,"marks":936},"anode",[937,938],{"type":840},{"type":612,"attrs":939},{"href":940,"uuid":49,"anchor":49,"target":861,"linktype":862},"https://www.benchmarkminerals.com/anode",{"text":942,"type":602,"marks":943}," and cathode prices?",[944],{"type":840},{"type":597,"attrs":946,"content":947},{"textAlign":49},[948],{"text":949,"type":602},"China is a key source of cathode and anode materials, with many cell producers, especially South Korean and Japanese players, relying on China for NCM CAM and anode imports.",{"type":597,"attrs":951,"content":952},{"textAlign":49},[953],{"text":954,"type":602},"Given that cathode material accounts for roughly 40% of cell cost and anode material for 10%, an increase in the cost of these materials will put upward pressure on ex-China cell prices, assuming producers pass these higher costs on to customers.","On 9 January, China's Ministry of Finance and State Taxation Administration issued a joint statement outlining plans to phase out export VAT rebates for the battery and solar industries. China has operated a long-standing VAT export rebate system to support exporters of manufactured products, including PV modules, cells, and battery materials, with rebates ranging from ...",[957],{"slug":544,"name":543,"content":958},{"job_title":557,"image":959,"bio":548,"linkedin":555,"markets_covered":298},{"filename":552},[961,962,963,966,967,970],{"slug":935,"name":261},{"slug":783,"name":784},{"slug":964,"name":965},"battery-technology","Battery Technology",{"slug":786,"name":298},{"slug":968,"name":969},"critical-minerals","Critical Minerals",{"slug":971,"name":972},"gigafactories","Battery & Gigafactory","public",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":975},{},{"id":977,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":978,"copyright":547,"fieldtype":553,"meta_data":979,"is_external_url":50},136732238463040,"https://a.storyblok.com/f/287943243085208/2560x1418/e3977cd873/adobestock_527528408.jpeg",{},"On 9 January, China’s Ministry of Finance and State Taxation Administration issued a joint statement outlining plans to phase out export VAT rebates for the battery and solar industries. China has operated a long-standing VAT export rebate system to","Jan 15, 2026",{"id":983,"uuid":984,"name":985,"slug":986,"full_slug":987,"content":988},112265503130395,"0f98e80a-79c0-4dc3-af25-d459065cede5","Site visit: Altmin and Sudeep Advanced Material support India’s midstream ambitions","site-visit-altmin-and-sudeep-advanced-material-support-indias-midstream-ambitions","article/site-visit-altmin-and-sudeep-advanced-material-support-indias-midstream-ambitions",{"_uid":989,"date":990,"tags":991,"editor":1010,"content":1014,"excerpt":1350,"featured":51,"reporter":1351,"_editable":1355,"component":780,"seo_title":1356,"categories":1357,"visibility":973,"author_company":49,"data_vis_image":1363,"featured_image":1366,"seo_description":1369,"author_full_name":49,"author_job_title":49,"formattedDate":1370},"7831505e-c809-4edc-b013-e8bea524ec65","2025-11-03 00:00",[992,995,998,1001,1004,1007],{"slug":993,"name":994},"altmin","Altmin",{"slug":996,"name":997},"asia","Asia",{"slug":999,"name":1000},"data-visualisation","Data Visualisation",{"slug":1002,"name":1003},"india","India",{"slug":1005,"name":1006},"site-visit","Site visit",{"slug":1008,"name":1009},"sudeep-advanced-material","Sudeep Advanced Material",[1011],{"slug":812,"name":813,"content":1012},{"job_title":815,"image":1013,"bio":818,"linkedin":819},{"filename":817},{"type":594,"content":1015},[1016,1029,1049,1054,1062,1067,1106,1114,1137,1149,1156,1161,1166,1171,1176,1181,1217,1239,1244,1251,1256,1261,1266,1271,1293,1315,1336],{"type":597,"attrs":1017,"content":1018},{"textAlign":49},[1019,1021,1027],{"text":1020,"type":602},"India’s pipeline of ",{"text":1022,"type":602,"marks":1023},"cathode active material",[1024],{"type":612,"attrs":1025},{"href":1026,"uuid":49,"anchor":49,"target":49,"linktype":862},"https://source.benchmarkminerals.com/article/infographic-regional-trends-in-cathode-production-capacity",{"text":1028,"type":602}," (CAM) production capacity is set to grow more than 50-fold over the next decade. Altmin, Himadri Speciality Chemical, and Epsilon Advanced Materials have the largest pipeline capacities in the country.",{"type":597,"attrs":1030,"content":1031},{"textAlign":49},[1032,1034,1040,1042,1047],{"text":1033,"type":602},"Almost all CAM capacity ",{"text":1035,"type":602,"marks":1036},"under development in India",[1037],{"type":612,"attrs":1038},{"href":1039,"uuid":49,"anchor":49,"target":49,"linktype":862},"https://source.benchmarkminerals.com/article/india-looks-to-aid-domestic-battery-production-for-evs-and-phones",{"text":1041,"type":602}," is for ",{"text":451,"type":602,"marks":1043},[1044],{"type":612,"attrs":1045},{"href":1046,"uuid":49,"anchor":49,"target":49,"linktype":862},"https://source.benchmarkminerals.com/article/lfp-leads-ncm-evolves-cathode-2024-year-in-review",{"text":1048,"type":602},", both due to the popularity of the cathode chemistry and also as India’s climate makes storing NCM material challenging.",{"type":597,"attrs":1050,"content":1051},{"textAlign":49},[1052],{"text":1053,"type":602},"Benchmark analyst Aakanksha Raje visited the Telangana site where Altmin intends to build a CAM production facility. It is due to begin operations in 2026 with a capacity of 10,000 tpa of LFP, though the company plans to increase this to 100,000 tpa in the 2030s.",{"type":688,"attrs":1055},{"id":1056,"body":1057},"bf2e5fd4-7909-4e95-b969-4f7a89b1461a",[1058],{"id":1059,"_uid":1060,"type":695,"_editable":1061,"component":696,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25869129","i-25e41fda-e48f-445a-b932-efb78d7732a6","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-25e41fda-e48f-445a-b932-efb78d7732a6\", \"id\": \"\"}-->",{"type":736,"attrs":1063,"content":1064},{"level":834,"textAlign":49},[1065],{"text":1066,"type":602},"India’s up-and-coming battery market",{"type":597,"attrs":1068,"content":1069},{"textAlign":49},[1070,1076,1087,1092,1101],{"text":1071,"type":602,"marks":1072},"Battery demand in India is set to reach 112 GWh by 2030, up from around 30 GWh today. Much of this comes from the ",[1073],{"type":605,"attrs":1074},{"color":1075},"#3C3C39",{"text":1077,"type":602,"marks":1078},"2-&3-wheeler and EV markets",[1079,1082,1085],{"type":612,"attrs":1080},{"href":1081,"uuid":49,"anchor":49,"target":49,"linktype":862},"https://source.benchmarkminerals.com/article/indias-battery-demand-from-electric-cars-set-to-overtake-two-wheelers-by-end-of-decade",{"type":605,"attrs":1083},{"color":1084},"#0969D7",{"type":1086},"underline",{"text":1088,"type":602,"marks":1089},", though around a quarter is from ",[1090],{"type":605,"attrs":1091},{"color":1075},{"text":1093,"type":602,"marks":1094},"battery energy storage systems",[1095,1098,1100],{"type":612,"attrs":1096},{"href":1097,"uuid":49,"anchor":49,"target":49,"linktype":862},"https://source.benchmarkminerals.com/article/global-bess-installments-increase-29-y-o-y",{"type":605,"attrs":1099},{"color":1084},{"type":1086},{"text":1102,"type":602,"marks":1103},".",[1104],{"type":605,"attrs":1105},{"color":1075},{"type":688,"attrs":1107},{"id":1108,"body":1109},"38fdece1-bc2a-4378-9aeb-8168f3f106f0",[1110],{"id":1111,"_uid":1112,"type":695,"_editable":1113,"component":696,"fixed_height":547,"use_fixed_height":50,"fixed_height_mobile":547,"fixed_height_tablet":547},"25891164","i-601b8fa8-a954-4981-8bde-dcc3f82f0714","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-601b8fa8-a954-4981-8bde-dcc3f82f0714\", \"id\": \"\"}-->",{"type":597,"attrs":1115,"content":1116},{"textAlign":49},[1117,1119,1124,1133],{"text":1118,"type":602}," ",{"text":1120,"type":602,"marks":1121},"India, like most markets outside of China, depends on imported battery cells to meet its demand. Benchmark forecasts the country will produce just 7 GWh of cells by 2030, though it has ",[1122],{"type":605,"attrs":1123},{"color":1075},{"text":1125,"type":602,"marks":1126},"pipeline capacity for over 66 GWh",[1127,1130,1132],{"type":612,"attrs":1128},{"href":1129,"uuid":49,"anchor":49,"target":49,"linktype":862},"https://source.benchmarkminerals.com/article/the-hidden-gigafactories-powering-emerging-markets",{"type":605,"attrs":1131},{"color":1084},{"type":1086},{"text":1102,"type":602,"marks":1134},[1135],{"type":605,"attrs":1136},{"color":1075},{"type":597,"attrs":1138,"content":1139},{"textAlign":49},[1140,1142,1148],{"text":1141,"type":602},"Altmin’s CAM production facility in Balapur, Hyderabad, Telangana is in the same state as the planned 16 GWh gigafactory under development by ",{"text":1143,"type":602,"marks":1144},"Amara Raja Energy & Mobility",[1145],{"type":612,"attrs":1146},{"href":1147,"uuid":49,"anchor":49,"target":49,"linktype":862},"https://source.benchmarkminerals.com/article/indias-amara-raja-batteries-seeks-partner-for-1-16-billion-gigafactory-plant",{"text":1102,"type":602},{"type":597,"attrs":1150,"content":1151},{"textAlign":49},[1152],{"type":845,"attrs":1153},{"id":49,"alt":547,"src":1154,"title":49,"source":49,"copyright":49,"meta_data":1155},"https://a.storyblok.com/f/287943243085208/082d2c7f71/bm-altmin-cam.jpg",{},{"type":597,"attrs":1157,"content":1158},{"textAlign":49},[1159],{"text":1160,"type":602},"Chemicals from Altmin’s CAM site in Telangana. Photo by Aakanksha Raje.",{"type":597,"attrs":1162,"content":1163},{"textAlign":49},[1164],{"text":1165,"type":602},"Proximity to cell producers is advantageous given the nascent nature of the industry, but does not guarantee success.",{"type":597,"attrs":1167,"content":1168},{"textAlign":49},[1169],{"text":1170,"type":602},"“In India, the midstream projects struggle to come online due insufficient funding, achieving standardised and consistent batches of products and the existing low demand from downstream,” Raje said.",{"type":597,"attrs":1172,"content":1173},{"textAlign":49},[1174],{"text":1175,"type":602},"To date, Altmin has produced coin cells to test its CAM and has sent material out to customers for verification.",{"type":736,"attrs":1177,"content":1178},{"level":834,"textAlign":49},[1179],{"text":1180,"type":602},"Developing the supply chain",{"type":597,"attrs":1182,"content":1183},{"textAlign":49},[1184,1189,1198,1203,1212],{"text":1185,"type":602,"marks":1186},"In discussions with Raje, Altmin's CEO Anjani Mourya expressed desire to support the government's ",[1187],{"type":605,"attrs":1188},{"color":1075},{"text":1190,"type":602,"marks":1191},"Make In India initiative",[1192,1195,1197],{"type":612,"attrs":1193},{"href":1194,"uuid":49,"anchor":49,"target":49,"linktype":862},"https://source.benchmarkminerals.com/article/india-is-far-behind-in-race-to-build-battery-supply-chain-epsilon-says",{"type":605,"attrs":1196},{"color":1084},{"type":1086},{"text":1199,"type":602,"marks":1200}," by building out a ",[1201],{"type":605,"attrs":1202},{"color":1075},{"text":1204,"type":602,"marks":1205},"locally-focused supply chain",[1206,1209,1211],{"type":612,"attrs":1207},{"href":1208,"uuid":49,"anchor":49,"target":49,"linktype":862},"https://source.benchmarkminerals.com/article/what-do-indias-elections-mean-for-the-lithium-ion-battery-supply-chain",{"type":605,"attrs":1210},{"color":1084},{"type":1086},{"text":1213,"type":602,"marks":1214},". Indeed, for the pilot plant much of the equipment is sourced locally, however Altmin will rely on Chinese equipment for the commercial scale plant.",[1215],{"type":605,"attrs":1216},{"color":1075},{"type":597,"attrs":1218,"content":1219},{"textAlign":49},[1220,1225,1234],{"text":1221,"type":602,"marks":1222},"Altmin sources ",[1223],{"type":605,"attrs":1224},{"color":1075},{"text":1226,"type":602,"marks":1227},"precursor (pCAM) iron phosphate material",[1228,1231,1233],{"type":612,"attrs":1229},{"href":1230,"uuid":49,"anchor":49,"target":49,"linktype":862},"https://source.benchmarkminerals.com/article/south-koreas-5-billion-pcam-and-cathode-building-boom",{"type":605,"attrs":1232},{"color":1084},{"type":1086},{"text":1235,"type":602,"marks":1236}," from Sudeep Advanced Materials (SAM) in Gujarat, India. Raje visited SAM's pilot scale pCAM facility where the company has capacity to produce 200kg per day and is shipping material to customers, including Altmin, for trials.",[1237],{"type":605,"attrs":1238},{"color":1075},{"type":597,"attrs":1240,"content":1241},{"textAlign":49},[1242],{"text":1243,"type":602},"The company claims its dilute phosphoric acid-based process can reduce the carbon emissions of the process down to 4.17 tonnes of CO2 per tonne of material compared to the 14.34 tonnes from conventional processes. Raje also visited SAM’s pharmaceutical facility which operates in a similar automated fashion to the pCAM facility under development.",{"type":597,"attrs":1245,"content":1246},{"textAlign":49},[1247],{"type":845,"attrs":1248},{"id":49,"alt":547,"src":1249,"title":49,"source":49,"copyright":49,"meta_data":1250},"https://a.storyblok.com/f/287943243085208/0cfbf95f4d/bm-sam-rd.jpg",{},{"type":597,"attrs":1252,"content":1253},{"textAlign":49},[1254],{"text":1255,"type":602},"Sudeep Advanced Materials R&D lab for precursor cathode material. Photo by Aakanksha Raje.",{"type":597,"attrs":1257,"content":1258},{"textAlign":49},[1259],{"text":1260,"type":602},"SAM expects the Gujarat pCAM facility to begin commercial production later this year, ramping up to 35,000 tpa per year by 2027 and 100,000 tpa by 2030. SAM’s process uses sulphate-free premix secured from its inhouse factory.",{"type":736,"attrs":1262,"content":1263},{"level":834,"textAlign":49},[1264],{"text":1265,"type":602},"Partnering for raw materials",{"type":597,"attrs":1267,"content":1268},{"textAlign":49},[1269],{"text":1270,"type":602},"India doesn’t have much in the way of natural lithium resources, so partnerships with other companies and countries is key for securing feedstock.",{"type":597,"attrs":1272,"content":1273},{"textAlign":49},[1274,1279,1288],{"text":1275,"type":602,"marks":1276},"Coal India, a state-owned coal producer, has been exploring ",[1277],{"type":605,"attrs":1278},{"color":1075},{"text":1280,"type":602,"marks":1281},"lithium resources in Chile and Argentina",[1282,1285,1287],{"type":612,"attrs":1283},{"href":1284,"uuid":49,"anchor":49,"target":49,"linktype":862},"https://source.benchmarkminerals.com/article/rio-tinto-could-be-second-largest-lithium-miner-by-2035",{"type":605,"attrs":1286},{"color":1084},{"type":1086},{"text":1289,"type":602,"marks":1290}," as well as looking to make deals in graphite and rare earths.",[1291],{"type":605,"attrs":1292},{"color":1075},{"type":597,"attrs":1294,"content":1295},{"textAlign":49},[1296,1301,1310],{"text":1297,"type":602,"marks":1298},"Altmin has partnered with Companhia Brasileira de Lítio (CBL) in Brazil and Yacimientos de Litio Bolivianos (YLB) in Bolivia to secure lithium supplies. Earlier this year, the $250 million greenfield lithium refinery under development by CBL was designated as a project under the ",[1299],{"type":605,"attrs":1300},{"color":1075},{"text":1302,"type":602,"marks":1303},"Mineral Security Partnership",[1304,1307,1309],{"type":612,"attrs":1305},{"href":1306,"uuid":49,"anchor":49,"target":49,"linktype":862},"https://source.benchmarkminerals.com/article/minerals-security-partnership-enters-financing-but-know-how-still-the-missing-link",{"type":605,"attrs":1308},{"color":1084},{"type":1086},{"text":1311,"type":602,"marks":1312}," – a global coalition of countries working towards shared mineral resources.",[1313],{"type":605,"attrs":1314},{"color":1075},{"type":597,"attrs":1316,"content":1317},{"textAlign":49},[1318,1323,1331],{"text":1319,"type":602,"marks":1320},"Benchmark provides independent, actionable ",[1321],{"type":605,"attrs":1322},{"color":1075},{"text":1324,"type":602,"marks":1325},"cathode market intelligence",[1326,1328,1330],{"type":612,"attrs":1327},{"href":874,"uuid":49,"anchor":49,"target":49,"linktype":862},{"type":605,"attrs":1329},{"color":1084},{"type":1086},{"text":1332,"type":602,"marks":1333}," covering prices, forecasts and pCAM capacity data. To request more information from our team, fill out the form below:",[1334],{"type":605,"attrs":1335},{"color":1075},{"type":688,"attrs":1337},{"id":1338,"body":1339},"54ee257c-bc64-45b7-a245-66926d5a262f",[1340],{"id":1341,"_uid":1342,"_editable":1343,"component":1344,"wrap_in_box":50,"hubspot_form":1341,"redirect_url":1345,"success_file":1347,"default_height":547,"success_message":547,"success_sub_text":547,"hidden_field_values":1349},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-33511b2b-a670-4415-853e-bad3fc560ef9","\u003C!--#storyblok#{\"name\": \"ContentHubspotForm\", \"space\": \"\", \"uid\": \"i-33511b2b-a670-4415-853e-bad3fc560ef9\", \"id\": \"\"}-->","ContentHubspotForm",{"id":547,"url":547,"linktype":617,"fieldtype":1346,"cached_url":547},"multilink",{"id":49,"alt":49,"name":547,"focus":49,"title":49,"source":49,"filename":547,"copyright":49,"fieldtype":553,"meta_data":1348},{},[],"India’s pipeline of cathode active material (CAM) production capacity is set to grow more than 50-fold over the next decade. Altmin, Himadri Speciality Chemical, and Epsilon Advanced Materials have the largest pipeline capacities in the country. Almost all CAM capacity under development in India is for LFP, both due to the popularity of the cathode […]",[1352],{"slug":544,"name":543,"content":1353},{"job_title":557,"image":1354,"bio":548,"linkedin":555,"markets_covered":298},{"filename":552},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7831505e-c809-4edc-b013-e8bea524ec65\", \"id\": \"\"}-->","Site visit: Altmin and Sudeep Advanced Material support India",[1358,1359,1360,1361],{"slug":783,"name":784},{"slug":786,"name":298},{"slug":968,"name":969},{"slug":1362,"name":8},"lithium",{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1364,"copyright":547,"fieldtype":553,"meta_data":1365,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1762255735/www-production/Socials-India-CAM-Capacity-pipeline@2x/Socials-India-CAM-Capacity-pipeline@2x.png?_i=AA",{"alt":547,"title":547,"source":547,"copyright":547},{"id":49,"alt":547,"name":547,"focus":547,"title":547,"source":547,"filename":1367,"copyright":547,"fieldtype":553,"meta_data":1368,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/1c4b55bb97/bm-img-5529.jpg",{"alt":547,"title":547,"source":547,"copyright":547},"India’s pipeline of cathode active material (CAM) production capacity is set to grow more than 50-fold over the next decade. Altmin, Himadri Speciality Chemical, and Epsilon Advanced Materials have the largest pipeline  […]","Nov 03, 2025",1781195792575]