Epsilon Advanced Materials signs MoU with Karnataka govt to invest Rs 9,000 cr

Epsilon Advanced Materials, a wholly owned subsidiary of Epsilon Carbon Pvt Ltd, on Thursday said it has signed a Memorandum of Understanding with the Government of Karnataka to invest Rs 9000 crore to establish battery material manufacturing plants in the state, over the span of 10 years.

As part of the agreement, the company would set up an anode material production plant, it said in a statement.

The facility would employ 75 per cent local people to support economic development in the region., it said, adding that the Government of Karnataka would facilitate the company in obtaining necessary registrations, approvals, clearances, and incentives. The statement said 90 per cent of the Lithium-ion EV batteries use graphite as the anode since it is cost-efficient, has a long lifecycle and is resistant to higher operating temperatures.

''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'', it added.