Epsilon Advanced Materials signs MoU to invest Rs 90 billion

07 Nov 2022 CW Team

Epsilon Advanced Materials has signed an MoU with the Government of Karnataka to invest Rs 90 billion 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 of 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.

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