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Mumbai-based battery materials manufacturer Epsilon Advanced Materials on Monday announced that it would invest $650 million in an electric vehicle battery components facility in the United States.
The company is planning to establish a 50,000 TPA synthetic graphite anode manufacturing facility in the US to supply high-capacity anode materials produced through green technologies.
The electric battery component facility is expected to generate more than $500 million at full capacity by 2031. The facility will generate more than 1,500 direct and indirect employment opportunities and is expected to be commissioned by 2026, the company said in a statement.
The proposed facility is expected to provide critical battery materials to power more than one million electric vehicles. The company is evaluating locations across the US for the proposed facility.
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This investment announcement was part of the joint statement by US President Joe Biden and Prime Minister Narendra Modi during the latter's recent state visit to the US.
“Our investment in the US is driven by the intent of energising the world with clean energy solutions," said Vikram Handa, founder and managing director of Epsilon.
"The battery value chain is a critical enabler to electric mobility adoption, and we are channelising our efforts to localise the battery manufacturing ecosystem. This will help automakers leverage the EV subsidies under the US Inflation Reduction Act and pass on the benefits to the end-user,” he added.
