Mumbai: Following Prime Minister Narendra Modi’s recent State visit to the United States, India’s prominent battery materials company, Epsilon Advanced Materials (EAM), announced its plans to invest USD 650 million in an EV battery components facility in the US. EAM intends to establish a synthetic graphite anode manufacturing facility with a capacity of 50,000 tonnes per year, using environmentally friendly technologies to produce high-capacity anode materials.
The proposed facility aims to provide crucial battery materials to power over 1 million electric vehicles. EAM stated that this synthetic graphite anode processing facility represents the largest Indian investment in the US electric vehicle battery industry. The investment is aimed at fostering a robust US-India trade relationship while contributing to the development of cleaner and more sustainable energy alternatives, according to the company.
The joint statement issued after Prime Minister Narendra Modi’s State visit highlighted Epsilon Carbon Limited’s plans to invest USD 650 million in a US-based Greenfield electric vehicle battery component factory. EAM is currently evaluating various locations across the US for the facility, subject to regulatory approvals, environmental permits, and state and local incentive agreements. The company has already entered into strategic supply agreements with local raw material suppliers and transport partners to establish an efficient and low-emission supply chain network.
The planned factory is projected to generate revenue exceeding USD 500 million at full capacity by 2031 and create more than 1,500 direct and indirect employment opportunities. The facility is expected to commence operations by 2026. Vikram Handa, the Founder and Managing Director of Epsilon Advanced Materials, expressed enthusiasm about introducing India’s patented anode manufacturing technology to the US and contributing to the country’s vision for the EV battery ecosystem.
As per the company’s release, the US government has set an ambitious target for electric vehicles, aiming for 50% of vehicle sales to be electric by 2030 and generating 1000 GWh of battery capacity. Epsilon Advanced Materials, established in 2018 and headquartered in Mumbai, has a global presence across Europe, North America, and Southeast Asia.
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