Battery material company Epsilon Advanced Materials (EAM) plans to invest $650 million to set up a synthetic graphite anode manufacturing facility in the United States.
The proposed facility, with a targeted annual capacity of 50,000 tonne, will utilize cutting-edge green technologies to produce high-capacity anode materials, contributing to the power needs of over 1 million electric vehicles (EVs).
The unit, which is the company’s fist investment in the US, is expected to be operational by 2026, generating more than 1,500 direct and indirect jobs. It is projected to reach full capacity by 2031, generating an estimated revenue of $500 million.
This investment announcement was part of the joint statement by President Joe Biden and Prime Minister Narendra Modi during the latter’s recent state visit to the US.
While the specific location for the facility is yet to be finalized pending regulatory approvals, environmental permitting, and state and local incentive agreements, EAM has already secured strategic supply agreements with local raw material suppliers and transport partners. This investment marks the largest Indian venture in the US EV battery industry to date. It also aligns with Biden government’s ambitious goals of achieving a 50% electric vehicle market share by 2030 and producing 1,000 GWh of battery capacity for critical mineral security. EAM’s MD, Vikram Handa, said, “The battery value chain is a critical enabler to electric mobility adoption, and we are channelizing our efforts to localise the battery manufacturing ecosystem.“
Source:batteryindustry
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