Epsilon Graphite Anode and LFP Cathode Materials

Epsilon Advanced Materials is an Indian battery materials manufacturer founded in 2018 by managing director Vikram Handa and headquartered in Mumbai. It produces both anode and cathode active materials, aiming to give cell makers in Asia, Europe and North America a supply of graphite and LFP that does not depend on China.

Its anode range covers synthetic and natural graphite, blended and agglomerated grades with graphitic or amorphous carbon coatings for energy density or fast charging, with discharge capacity of about 350-366 mAh/g and first-cycle efficiency above 92%. The EAM-ONE customer qualification plant in Vijayanagar, Karnataka supports scale-up, with large graphite anode plants planned in Karnataka, Vaasa (Finland) and North Carolina (US). A German R&D centre acquired from Johnson Matthey develops LFP cathode material, and a hard carbon anode targets sodium-ion cells. Customers are EV, energy storage and power tool cell makers.

• Synthetic graphite anode: low-ash grades with capacity above 350 mAh/g for EV and storage cells.
• Natural graphite anode: spherical and coated grades at about 366 mAh/g.
• Coating options: graphitic carbon for energy density or amorphous carbon for fast charging.
• LFP cathode: Gen 3.0 LFP material in global customer validation.
• Hard carbon: anode material developed for sodium-ion batteries.
• Multi-region supply: plants planned in India, Finland and the US for local supply chains.

Cell makers in Vietnam producing LFP batteries for storage or electric two-wheelers could qualify Epsilon graphite and LFP as non-Chinese sources for export programmes. Battery start-ups developing sodium-ion cells could test its hard carbon anode in pilot lines.

Epsilon's graphite grades deliver discharge capacity of 350-366 mAh/g against a typical EV-grade minimum of 345-350 mAh/g, with first-cycle efficiency above 92-93% and ash below 0.03% for synthetic grades. The company reports about 78% lower global warming potential than competitors and offers both anode and cathode materials from one supplier with plants planned on three continents.

Tariffs on Chinese graphite and growing demand for LFP cells are pushing battery makers to qualify alternative anode and cathode suppliers. Asian cell producers outside China, including new projects in Southeast Asia and India, need graphite and LFP sources that support localisation and export to the US and Europe.

Epsilon Advanced Materials was founded in 2018 and is headquartered in Mumbai, India, with founder and MD Vikram Handa. In 2025 it signed an MoU with the Government of Karnataka for an investment of Rs 15,350 crore, received a letter of interest for up to USD 420 million in debt financing from the US Export-Import Bank, partnered with Phillips 66 and set up the Tufts Epsilon Materials Institute with Tufts University. Awards include IESA Emerging Company of the Year (2022).