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.

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.