Epsilon Advanced Materials invests $650M in EV battery plant in NC

India-based company Epsilon Advanced Materials plans to build a $650 million manufacturing plant for electric vehicle (EV) battery materials near Wilmington, North Carolina. The plant aims to produce 50,000 tons per annum of graphite anode, enough to power 1.1 million EV sedans annually. Epsilon's goal is to localize the supply chain and reduce reliance on China, with their technology offering a 75% lower carbon footprint. The project is expected to create 500 clean energy jobs and receive over $33 million in state and local incentives. Groundbreaking is scheduled for 2024, with production starting in 2026.