Epsilon Advanced Materials (EAM), a battery materials maker, on Monday announced that it will set up a new manufacturing unit in the US with an investment of $650 million (around Rs 5,330 crore).
The company claims that this new manufacturing unit will help create more than 1,500 direct and indirect jobs and will provide critical battery materials to power more than 1 million electric vehicles.
The company, in a statement, said that it will establish a synthetic graphite anode manufacturing facility in the US to supply high-capacity anode materials produced through green technologies. The unit will produce 50,000 TPA of synthetic graphite anode materials for electric vehicle batteries using green technologies, it added.
The company is currently looking at various locations in the US for the unit, which will require regulatory approvals, environmental permits and state and local incentive agreements.
The unit will customise the anode materials for specific cell chemistries and generate more than $500 million in revenue at full capacity by 2031. The facility is expected to be commissioned by 2026.
Vikram Handa, Founder and Managing Director of EAM, 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.”
He said that the battery value chain is a key factor for electric mobility adoption and that EAM is working to localise the battery manufacturing ecosystem.
(Edited by : Vivek Dubey)
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