Epsilon Advanced Materials, an India-based company that develops and manufactures carbon products for anode components of lithium-ion batteries, has announced plans to invest $650m (Rs53.25bn) to open a new electric vehicle battery components facility in US. The exact location of the facility is yet to be decided.
The company plans to supply high-capacity anode materials produced through green technologies. The facility is expected to generate more than $500m at full capacity by 2031. The new site will generate more than 1,500 direct and indirect employment opportunities and is expected to be commissioned by 2026.
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The announcement was lauded by US President Joe Biden and Indian Prime Minister Narendra Modi in a joint statement in late June 2023.
Epsilon Advanced Materials is a subsidiary of Epsilon Carbon, which was established in 2010.
