Epsilon Advanced Materials (EAM), a leading battery material maker has reportedly announced that it would invest USD 650 million (nearly Rs 5,330 crore) for setting up a new manufacturing facility across the U.S.
According to sources, to deliver high-capacity anode materials produced using green technologies, the company will be setting up a 50,000 TPA synthetic graphite-based anode production plant in the country.
The proposed plant is currently being evaluated by EAM at various locations across the U.S., subject to regulatory approvals, state as well as municipal incentive agreements and environmental licenses.
Apparently, the electric battery component unit is anticipated to make way for over USD 500 million at full capacity by 2031.
During a recent state visit to the U.S., Indian Prime Minister Narendra Modi and President Joe Biden made a joint statement for the investment announcement.
Vikram Handa, the Founder and MD of Epsilon Advanced Materials claimed that the investment in the U.S. is fueled by the intention of energizing the world through clean energy solutions.
According to Vikram, as the battery value chain is a key enabler for the development of electric mobility, the company is concentrating its efforts on localizing the ecosystem for battery production.
Vikram also stated that this would make it easy for automakers to make use of EV subsidies offered by the U.S. Inflation Reduction Act while passing the savings through to consumers.
It has also been reported that the facility will be commissioned by 2026 and generate over 1,500 direct and indirect employment opportunities. The proposed facility will also supply critical battery materials for powering more than 1 million EVs.