EV company Epsilon Advanced Material to invest $650M in US
The battery materials company said it is evaluating multiple locations across the US to set up its manufacturing facility.
Battery materials provider Epsilon Advanced Materials (EAM) said on Monday it is planning to invest $650 million in the US to set up a manufacturing facility.
The facility will supply high-capacity battery materials produced through green technologies to the American electric vehicle (EV) ecosystem. It is expected to provide critical battery materials to power a million EVs in the country.
"The battery value chain is a critical enabler to electric mobility adoption, and we are channelising our efforts to localise the battery manufacturing ecosystem," said Vikram Handa, Founder and Managing Director of EAM, in a press statement.
Handa adds that its manufacturing base will help EV makers in the US leverage subsidies under the US Inflation Reduction Act, and pass on benefits to buyers.
EAM has already signed supply agreements with local raw material suppliers and transport partners, it said, and is scouting multiple locations across the US for space to set up its manufacturing facility.
Around 1,500 direct and indirect jobs will be created by the move, EAM says, adding the hub will be commissioned by 2026.
The new facility will help catalyse the US government's efforts to convert 50% of its total vehicle sales to electric by 2030, EAM says. It will also contribute to the US government's mandate of critical mineral security, for which, it set up the Minerals Security Partnership (MSP) in June 2022.
MSP aims to bolster supply chains of critical minerals—minerals that are essential in many clean energy technologies—and was signed by 11 members. India is not part of the group.
Edited by Kanishk Singh