Mumbai-headquartered Epsilon Advanced Materials, a subsidiary of Epsilon Carbon has inked a pact with the Government of Karnataka to invest Rs 9,000 crore to set up multiple battery material manufacturing facilities in the state, over the span of 10 years.
As per the understanding, the company will set up anode material production plant. The company, in a statement, said that the facility will employ local people up to 75 percent, and thereby support economic development in the region.
The government, on the other hand, will facilitate registrations, approvals, clearances, and incentives for the battery material manufacturer.
Vikram Handa, Managing Director, Epsilon Advanced Materials said, “By utilizing raw materials and indigenous technologies to manufacture EV battery components, we aspire to support the sustainable goal of the Government of India to achieve 7 million sales of hybrid and electric vehicles every year,”
“We are delighted to be partnering with the Government of Karnataka on this front and look forward to building a world class facility to support Indian and Global customers with high performance battery materials.”, he said.
90% of the Lithium-ion EV batteries use graphite as the anode since it is cost efficient, has a long – life cycle and is resistant to higher operating temperatures.
Further, the company said that the anode material production plant collaboration will help build a sustainable EV ecosystem in the state which houses 45 plus EV start-ups, 400 R&D centres and the upcoming EV cluster.
Epsilon Advanced Materials will also build a R&D facility to develop graphite anodes enhancing durability and fast charging for EV vehicles.
More than 90% of graphite anodes are manufactured in China today and Epsilon Advanced Materials aims to support India in this Energy transition journey with this investment in Karnataka.