 "Rain Ind up 9% as unit to make battery anode material with Canadian partner")
Rain Industries share price advanced 9.1 per cent in Thursday's trade and logged an intraday high of Rs 180.75 per share.
The buying in the stock came after the company's subsidiary, Rain Carbon entered into an agreement with Northern Graphite to jointly develop natural graphite battery anode material (BAM) to be used in lithium-ion batteries for electric vehicles (EVs).
The buying in the stock came after the company's subsidiary, Rain Carbon entered into an agreement with Northern Graphite to jointly develop natural graphite battery anode material (BAM) to be used in lithium-ion batteries for electric vehicles (EVs).
At around 10:48 AM, shares of Rain Industries quoted 7.06 per cent higher at Rs 1,77.35 per share, compared to the BSE Sensex's rise of 0.34 per cent at 81,727.11 around the same time.
"Northern Graphite Corporation and Rain Carbon Inc, a leading supplier of carbon precursor and carbon products derived from the upcycling of industrial by-products, are pleased to announce a Joint Development Agreement (JDA) to develop and commercialise advanced battery anode material (BAM) used in lithium-Ion batteries for electric vehicles," the company's exchange filing read.
As per the exchange filing, both the companies will jointly develop and commercialise natural graphite BAM products to extend cycle life, enhance charging speed and reduce electrode swelling in lithium-ion battery cells.
This innovation increases the use of natural graphite in EV battery cells.
Northern’s Battery Materials Group has a carbon and battery laboratory located in Frankfurt, Germany, capable of both producing BAM, derived from Northern’s Lac-des-Îles graphite mine in Canada and of building lithium-ion batteries.
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Additionally, Rain Carbon’s innovation center in Hamilton, Canada, allows product and application development activities of battery-grade carbon and carbon precursor products in a 30,000 sq. ft. development facility.
"This partnership enables us to combine our strengths in raw material integration and processing to produce high-performance battery anode materials, accelerating the development of innovative solutions for the rapidly growing lithium-ion battery market,” said Rain Carbon’s President, Gerard Sweeney.
Northern Graphite, a Canada-listed company, is the only flake graphite producing company in North America.
Rain Carbon, meanwhile, is headquartered in Delaware, US, and is a global supplier of carbon-based and chemical products that are essential raw materials for staples of everyday life.
In the past one year, shares of Rain Industries have gained 3 per cent, compared to the BSE Sensex's rise of 23 per cent during the same period.