This analysis reveals that the most substantial need for funding lies in the midstream segment, specifically cell manufacturing. At the same time, investment in repurposing and recycling is nearly 10 times lower. Given the lower capital needs, investing in repurposing and recycling can offer a more feasible entry point for investors. Directing funds here can strengthen the battery value chain, reduce import dependence, and build local technical capacity, capabilities that can in turn de-risk and attract larger investments across upstream and midstream activities. assembly, module design, and repurposing — serves as the critical link between upstream raw materials, recycling, and downstream end uses. A robust domestic and cathode precursors, thereby supporting the circular economy.