Epsilon Advanced Materials to make EV battery parts in India
Anode materials are the negative electrode in lithium-ion batteries and account for a quarter of a cell’s components. Epsilon Advanced Materials is looking to produce anodes from raw materials sourced from JSW Steel, which is the largest steel mill in the country.
Epsilon Advanced Materials has set up a production facility for the manufacture of anodes that are used in lithium-ion batteries for electric vehicles (EV) in the state Karnataka. The company is looking to convert coal tar into graphite anodes for electric-car batteries. This is expected to cut the dependence on China which has a monopoly in the business.
Vikram Handa, the promotor of Epsilon Advanced Materials, is planning to invest Rs. 60 billion for the production of 1,00,000 ton synthetic graphite anodes by 2030. This is approximately 10% of the estimated global demand. The company aims to make India a hub for battery materials. At present, China produces more than 80% of the world’s supply of anodes. It imports raw materials from various countries including India.
Anode materials are the negative electrode in lithium-ion batteries and account for a quarter of a cell’s components. Epsilon is looking to produce anodes from raw materials sourced from JSW Steel, which is the largest steel mill in the country and owned by Handa’s father-in-law, Sajjan Jindal.
With the EV market expected to boom in the coming years, Epsilon could play a vital role in aiding their quick adoption by providing a large number of anodes and bringing down the cost structure. Some Indian manufacturers have announced plans to build EVs and some have already started producing them. Even Tesla could set up a factory in Karnataka, where Epsilon has set up its plant.
The Union Transport Minister of India has promised to announce a comprehensive battery policy and Epsilon is in talks with eight firms that are looking to bid under the government’s project to supply the anode.
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