Mumbai (Maharashtra) [India], June 26 : Days after Prime Minister Narendra Modi wound up his maiden State visit to the United States, during which the country pledged to collaborate on multiple fronts, India's leading battery materials company, Epsilon Advanced Materials (EAM), on Monday, said it will invest USD 650 million for a EV battery components facility in the US.
In a release, the company said it will set up a 50,000 TPA synthetic graphite anode manufacturing facility in the US to supply "high-capacity anode materials produced through green technologies."
The proposed facility in the US will provide critical battery materials to power more than 1 million electric vehicles.
"Currently, this synthetic graphite anode processing facility is the largest Indian investment in the US electric vehicle battery industry. This investment is directed towards building a strong US-India trade relationship and contribute towards creating cleaner and sustainable energy alternatives," said the company in a release.
The India-US joint statement after Prime Minister Narendra Modi's State visit to the US last week stated that both the leaders lauded the announcement of India's Epsilon Carbon Limited's plans to invest USD 650 million in a US greenfield electric vehicle battery component factory.
The company said it is currently evaluating multiple locations across the US for the proposed facility subject to regulatory approvals, environmental permits and state and local incentive agreements.
"It has already signed strategic supply agreements with local raw material suppliers and transport partners to create a seamless supply chain network with focus on minimizing carbon emissions and reducing transportation costs."
The to-be-set-up factory is expected to generate revenue of more than USD 500 million at full capacity by 2031, besides generating more than 1500 direct and indirect employment opportunities. The facility is expected to be commissioned by 2026.
"I'm excited that we are bringing in the India patented anode manufacturing technology to the U.S. and leveraging it to contribute to the vision that the U.S. has for the EV battery ecosystem," Founder and Managing Director of Epsilon Advanced Materials, Vikram Handa, said.
According to the company release, the US government has set up an ambitious goal for electric vehicles (EV) with the vision to convert 50 per cent of vehicle sales to be electric by 2030 and generate 1000 GWh of battery capacity.
Epsilon Advanced Materials, established in 2018 and headquartered in Mumbai, has footprint across Europe, North America, and South-East Asia.
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