India’s biggest steel tycoon is betting big on converting coal tar into graphite anodes for electric-car batteries in a bid to test China’s monopoly in the sector.
Epsilon Advanced Materials Pvt– India’s first manufacturer of lithium-ion battery parts — plans to invest 60 billion rupees ($807 million) to produce 100,000 tons of synthetic graphite anode by 2030, or about 10% of estimated global demand.
Anode materials are the negative electrode in lithium-ion batteries and account for a quarter of a cell’s components. China has been producing more than 80% of the world’s supply of these anodes, importing raw materials from countries including India. By producing the anodes in India, Epsilon Advanced Materials Pvt aims to transition the South Asian nation from a battery minerals center to a battery materials hub.