New Delhi, June 26: Battery materials maker Epsilon Advanced Materials on Monday said it will invest USD 650 million (around Rs 5,330 crore) to set up a new manufacturing unit in the US.
The company will establish a 50,000 TPA synthetic graphite anode manufacturing facility in the US to supply high-capacity anode materials produced through green technologies, Epsilon Advanced Materials said in a statement.
Currently, Epsilon Advanced Materials (EAM) is evaluating multiple locations across the US for the proposed facility subject to regulatory approvals, environmental permits and state and local incentive agreements, it added.
Through this facility, EAM will produce high-capacity synthetic anode materials, customised for specific cell chemistries. It is expected to generate revenue of more than USD 500 million at full capacity by 2031, the company said.
EAM will generate more than 1,500 direct and indirect employment opportunities at this facility. The facility is expected to be commissioned by 2026.
The proposed plant will provide critical battery materials to power more than 1 million electric vehicles, the company said.
“…We are bringing in the India-patented anode manufacturing technology to the US and leveraging it to contribute to the vision that the US has for the EV battery ecosystem,” EAM Founder and Managing Director Vikram Handa said.
The battery value chain is a critical enabler to electric mobility adoption, and EAM is channelising efforts to localise the battery manufacturing ecosystem, he added. (PTI)
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