Mumbai, India-based battery material company, Epsilon Advanced Materials (EAM), will set up a greenfield electric vehicle battery component factory – the largest ever Indian investment in the U.S. electric vehicle battery industry.
EAM will invest $650 million to establish an annual capacity of 50,000 tons of high-capacity synthetic graphite anode materials in a manufacturing facility in the U.S. The proposed facility will provide critical battery materials to power more than 1 million electric vehicles.
This investment is directed toward building a strong U.S.-India trade relationship and contribute toward creating cleaner and sustainable energy alternatives.
The unit, which is the company’s first investment in the U.S., 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.
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.
EAM’s managing director, Vikram Handa, said, “The battery value chain is a critical enabler to electric mobility adoption, and we are channelizing our efforts to localize the battery manufacturing ecosystem.”
