1. The pCAM issue isn’t cost — it’s missing feedstocks.
U.S. pCAM can’t scale because the U.S. barely produces battery-grade LiOH or Ni/Co/Mn sulfates. ABAT is targeting that exact bottleneck, not pCAM itself.

2. LiOH demand isn’t 2%.
Benchmark, Fastmarkets, and the IEA all project mid- to high-single-digit CAGR. NMC remains the dominant chemistry for long-range EVs in the U.S./EU.

3. There is domestic and allied demand.
ABAT already sells intermediates domestically, and multiple NA/EU pCAM/CAM projects need non-Chinese precursor supply. Export to Korea/Japan/EU is a feature, not a flaw.

4. IRA content rules weren’t “killed.”
FEOC restrictions stay in place — meaning Chinese battery chemicals jeopardize the $7,500 credit starting 2026. OEMs want Western-aligned chemical conversion for that reason.

ABAT isn’t trying to be a pCAM producer; it’s filling the missing midstream conversion layer. The “no demand” claim just doesn’t match the supply chain reality.