Epsilon Advanced Materials to invest $650M for a new battery material facility in the United States
Leading battery material company, Epsilon Advanced Materials (EAM) has announced that is planning to invest $650 million for establishing a 50,000 TPA synthetic graphite anode manufacturing facility in the US.
The proposed facility is expected to provide high-capacity anode materials for electric vehicle batteries and could potentially power 1 million EVs.
"The synthetic graphite anode processing facility is the largest Indian investment in the US electric vehicle battery industry," Epsilon Advanced Materials said in an official statement.
The announcement came on the heels of Prime Minister Narendra Modi's state visit to the United States. The visit was intended to give momentum to the India-US partnership and sealed several vital agreements for both nations. With respect to India and US partnership on critical minerals needed to achieve climate, economic, and strategic technology cooperation goals, the two leaders pledged to hasten bilateral collaboration to secure resilient critical minerals supply chains through enhanced technical assistance and greater commercial cooperation, and exploration of additional joint frameworks as necessary.
The United States enthusiastically welcomed India as the newest partner in the Mineral Security Partnership (MSP), which aims to accelerate the development of diverse and sustainable critical energy minerals supply chains globally while agreeing to the principles of the MSP including environmental, social, and governance standards.
In a joint statement released by the White House, both leaders lauded the announcement of India's Epsilon Carbon Limited's plans to invest $650 million in a U.S. greenfield electric vehicle battery component factory.