India-Based Epsilon Advanced Materials Plans Brunswick County, North Carolina, Operations
The new facility, located at the Mid-Atlantic Rail Industrial Park, will produce synthetic graphite anode material, a key component in the batteries that power electric vehicles and other energy storage systems.
“This facility is the largest Indian investment in the U.S. electric vehicle battery industry and we’re proud to have North Carolina as the centerpiece of our U.S. manufacturing strategy,” said Vikram Handa, EAM Founder and Managing Director. “Having an environmentally friendly world-class facility in North Carolina will allow EAM to provide synthetic and natural graphite anodes to the growing EV battery industry faster, more reliably and at a competitive cost.”
Epsilon Advanced Materials’ project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $1.3 billion.
Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $3,443,250, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
“The importance of a strong, well-trained workforce cannot be underestimated, and I’m pleased the leaders at Epsilon Advanced Materials recognize North Carolina’s commitment to train and develop our workers,” noted North Carolina Commerce Secretary Machelle Baker Sanders. “Combined with the state’s outstanding transportation networks and collaborative business environment, North Carolina’s winning formula has come through once again.”
Because Epsilon chose a site in Brunswick County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $1.14 million into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Brunswick, the new tax revenue generated through JDIG grants helps other economically challenged communities elsewhere in the state.
“Epsilon Advanced Materials investment in North Carolina shows that our state is continually a top location for the electric vehicle and battery sector and a leader in the clean energy economy,” added Christopher Chung, CEO of the Economic Development Partnership of North Carolina (EDPNC). “We are proud of our accessible infrastructure, highly educated workforce, and state and local partnerships have attracted another innovative company such as Epsilon Advance Materials.”
Epsilon Advanced Materials (EAM), a subsidiary of Mumbai-based Epsilon Carbon Private Limited, develops and manufactures innovative, high-performance graphite, used for anode components in lithium-ion batteries.
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC) on this project were the North Carolina General Assembly, North Carolina Community College System, the North Carolina Ports Authority, North Carolina Department of Transportation and Rail Division, the North Carolina Railroad Company, the GoldenLEAF Foundation, North Carolina’s Southeast, CSX, Duke Energy, Brunswick County, and Brunswick Business & Industry Development.
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