Altmin is building the first factory in India dedicated to producing cathodes used in lithium-ion batteries. Since the cathode material constitutes a significant portion of the cell's cost, determines its capacity and lifespan, and India imports almost all of it from abroad, the establishment of such a facility is highly significant.
Currently, cell assembly plants have been announced across the country, but the raw materials for them are imported. In segments where there is real demand in India—such as electric bicycles, buses, and grid energy storage systems—lithium iron phosphate (LFP) chemistry dominates. Although this material has lower energy density compared to nickel-based alternatives, it is more affordable, safer, and longer-lasting.
The company was founded in Hyderabad in 2023 by Anjani Shri Murya Sunkavalli and Kriti Varma with the aim of implementing this project locally. Altmin positions itself as a vertically integrated supply chain company, meaning it plans to operate from ore enrichment to the production of finished cathode powder, rather than purchasing already refined lithium and subjecting it to conversion.
The initial phase of cooperation was established with ARCI—the International Centre for Advanced Research in Powder Metallurgy and New Materials, an autonomous institution under the Department of Science and Technology. In 2023, these parties launched a pilot plant with a capacity of 10 megawatts on the ARCI campus in Balapur, Hyderabad, which produces about 100 kilograms of LFP daily.
In March 2025, the company laid the foundation stone for a much larger facility in Divitipally, Telangana state. This project is valued at 750 crore rupees, covers 20 acres, and is initially designed for a capacity of 8 gigawatt-hours. The annual production volume is planned to reach 100,000 tons by 2030. The company reported in June 2025 that it aims to launch in the last quarter of 2026.
The issue of raw materials was also part of the challenge. Altmin entered into a raw material sourcing partnership with YLB, Bolivia's state lithium company, and established a research agreement with the University of Warwick. Furthermore, it is reported that the company acquired a lithium refinery in Brazil, gaining technological cooperation from the Brazilian mining enterprise Companhia Brasileira de Litio.
In September 2025, the project became the first Indian one included in the Minerals Security Partnership, a US-led alliance involving fourteen countries and the European Commission, focused on diversifying critical mineral supply chains. This registered project involves a refinery designed to convert spodumene ore into 32,000 tons of lithium carbonate.
In December 2025, the company announced the creation of a joint venture with Singareni Collieries, a coal mine jointly owned by the governments of Telangana and the central government, to build a battery-grade lithium refinery in the state. This is a very significant partnership for the company, which is only three years old. Singareni employs over 40,000 people and has been mining since 1920, and this venture reflects the efforts of Indian state-owned enterprises amid stagnant coal demand.
The company's financial performance is more modest than the scale of the projects suggests. According to the company itself, one round attracted approximately $3.61 million from an Indian family office that produces iron phosphate and received a 22% stake. The figure of $100 million mentioned in media coverage represents the declared capital expenditure over a five-year period, not the funds raised.
Sunkavalli stated that the refinery will be operational within two years of starting work, describing the goal as reducing India's dependence on a supply chain concentrated in a small number of countries. Currently, neither the gigafactory nor the refinery is operational.
According to data from the maritime tracking service TankerTrackers, an Iranian tanker was observed on Friday for the first time since late July loading crude oil at Hargh Island.
At Hargh Island, in the Azarpad port, a supertanker belonging to the National Iranian Tanker Company (VLCC) was spotted loading two million barrels of crude oil on August 14.
TankerTrackers also noted that Iran continues to load tankers at other terminals. In the service's opinion, the country's oil production roughly matches the volumes processed at refineries or domestic consumption, which may indicate that Iran does not need to export significant volumes of crude oil.
A coalition of US states intends to demand $193 billion USD from Meta in an upcoming lawsuit (which is approximately 1.05 trillion Brazilian reais). This process will begin next Tuesday (the 18th).
The company is accused of intentionally designing Facebook and Instagram to create social media addiction in children. The court hearing will take place in Oakland, California, USA, and is scheduled for six weeks.
Meta, which has over three billion users across its applications, will have to defend itself against the accusations brought by the states. If it loses the case, authorities will also ask the judge to mandate changes to the operation of the company's two main applications, in addition to imposing a fine.
The amount demanded by the states is significantly less than the figure of $1.4 trillion USD (about 7.6 trillion reais) previously mentioned in the process. During a hearing held on Thursday (the 13th), the states' attorney emphasized that the authorities would not demand such a large sum.
The attorney stated that they are not demanding $1.4 trillion because, according to him, Meta calculated this figure 'to create impact.' The representative confirmed that the compensation sought by the states is $193 billion.
Meta rejects the accusations made by the states. In a statement to AFP, a company representative said that the company 'categorically denies these allegations' and believes that 'evidence will demonstrate its long-standing commitment to supporting youth.'
The lawsuit, which starts next week and will last for six weeks, will take place in Oakland and will be another dispute concerning the practices of major social media platforms and the protection of children and adolescents.
Nvidia and OpenAI are close to finalizing an agreement to fund a vast data center complex located in Ohio, United States, but the deal structure has been modified. In the new proposal, the semiconductor manufacturer will only guarantee half of the originally planned project, instead of committing to the entirety of the construction.
According to sources close to the negotiations who spoke with The Wall Street Journal, this change reduces Nvidia's financial guarantee from US$ 250 billion (equivalent to approximately R$ 1.35 trillion) to less than US$ 120 billion (about R$ 650 billion).
This revision was implemented to address investor concerns regarding Nvidia's financial exposure, given that the company uses its balance sheet to drive demand for its artificial intelligence (AI) chips. There is a possibility that the agreement could be signed this weekend.
Nvidia's shares fell by 5% after the Journal initially disclosed details of a US$ 250 billion guarantee.
The undertaking, which has a capacity of ten gigawatts, is being developed by SB Energy, a subsidiary of the Japanese conglomerate SoftBank. Once completed, this complex will be the largest data center project ever announced.
Nvidia's initial guarantee aimed to cover both the data center lease contract and the loans needed to finance its construction. The purpose was to lower financing costs, giving creditors greater certainty that the funds would be available to maintain the project.
In addition to the infrastructure guarantee, Nvidia is negotiating a separate agreement to finance the purchase of its chips by OpenAI. This deal could reach US$ 350 billion (approximately R$ 1.9 trillion) when considering the full scope of the project.
The energy demanded by the undertaking is regulated by the United States government and will be financed separately by Japan, as part of a recent trade agreement between the two nations.
Goldman Sachs is advising SB Energy during the negotiations, while Morgan Stanley acts as advisor to Nvidia.
These negotiations take place a few days after Nvidia announced a collaboration with major financial institutions to establish what it termed 'computing financing platforms.' This initiative includes Apollo Global Management, Blackstone, BlackRock, Brookfield Asset Management, Goldman Sachs, and KKR. Together, these corporations plan to make over US$ 500 billion (about R$ 2.7 trillion) in external capital in the coming years to support the purchase of Nvidia chips at favorable rates.
This strategy allows Nvidia to help its customers finance the vast infrastructure required for AI expansion while fostering conditions to increase demand for its own components.
The current negotiation represents a restructuring of an agreement previously communicated by the two companies. Last September, Nvidia and OpenAI had established a memorandum of understanding whereby the chip manufacturer was to build a minimum of ten gigawatts of computational capacity for OpenAI. At that time, Nvidia had also agreed to contribute up to US$ 100 billion (approximately R$ 542 billion) to help OpenAI pay for the infrastructure. However, this agreement was suspended after members of Nvidia itself raised questions about the operation, as reported by the Journal.
Currently, the companies are seeking to proceed with a different architecture, where Nvidia would initially assume a smaller financial exposure, postponing the definition of how to finance the remaining ten gigawatts to a later phase.
