Epsilon Advanced Material to invest $650 mn in US, create over 1.5K jobs
EAM is expected to generate revenue of more than $500 million at full capacity by 2031, plus it will generate more than 1,500 direct and indirect employment opportunities at this facility.
Representative Image (Photo: IANS)
NEW DELHI: Homegrown leading battery materials company Epsilon Advanced Materials (EAM) on Monday announced that it is planning to invest $650 million in the US.
The company will establish 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, according to the company.
EAM is expected to generate revenue of more than $500 million at full capacity by 2031, plus it will generate more than 1,500 direct and indirect employment opportunities at this facility.
The facility is expected to be commissioned by 2026.
"Our investment in the US is driven by the intent of Energising the World with clean energy solutions. The battery value chain is a critical enabler to electric mobility adoption, and we are channellising our efforts to localise the battery manufacturing ecosystem. This will help automakers leverage the EV subsidies under the US," Vikaran Handa, Founder and Managing Director of Epsilon Advanced Materials, said in a statement.
EAM is currently evaluating potential locations for the proposed facility across the US, subject to regulatory approvals, environmental permits, and state and local incentive agreements.
The company has already signed strategic supply agreements with local raw material suppliers and transportation partners in order to create a seamless supply chain network with a focus on reducing carbon emissions and transportation costs.
The company said that through this facility, it will produce high-capacity synthetic anode materials, customised for specific cell chemistries.