Himadri Invests $4.43 Million in IBC for Battery Materials Growth

Himadri Speciality Chemical Ltd has invested $4.43 million to acquire a 16.24% stake in International Battery Company Inc, a US-headquartered lithium-ion battery cell manufacturer, marking the commercial deployment of Himadri's lithium iron phosphate cathode active and anode materials. The investment, announced on May 22, 2025, was made through preferred and common shares and provides Himadri with board representation in the battery technology company.

IBC operates a 50MWh lithium-ion battery cell facility in South Korea that began production in 2023 and is developing a Gigafactory in Bengaluru, India, through its joint venture with Mahanagar Gas Limited. The Bengaluru facility, scheduled to commence operations by Q4 FY26, will serve last-mile business-to-business fleet providers and two- and three-wheeler original equipment manufacturers while supporting global battery cell exports.

The partnership enables Himadri to access IBC's manufacturing infrastructure and customer base across the United States, India, and East Asia for commercial testing and deployment of its battery materials. IBC currently has over 500 electric vehicles running on its battery packs using NMC-based Prabal 1000 lithium-ion cells manufactured in South Korea, with an open order book of 4,300 electric two-wheelers from six customers.

IBC is developing its lithium iron phosphate-based Prabal 2000 using Himadri's cathode active and anode materials. The collaboration provides IBC with a reliable supply of battery materials while leveraging Himadri's expertise in materials science and global supply chains.

"We are pleased to announce our strategic investment of USD 4.43 Million (approx. ₹ 37.47 Crores) for a 16.24% stake in IBC, a trailblazer in next-generation battery technologies. This partnership marks a pivotal step in Himadri's global clean-tech strategy and our entry into the LiB component materials market," said Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical Ltd.

"Anode and cathode materials are the most critical components of a lithium-ion cell, accounting for nearly 65% of its total cost and directly influencing its performance and reliability. Our advanced materials—jointly tested with IBC—have demonstrated outstanding results, fulfilling their stringent requirements for high-performance battery manufacturing," Choudhary added.

Dr. Priyadarshi Panda, Founder and CEO of International Battery Company Inc, said: "We're excited to have Himadri join us as a strategic partner. Their deep expertise in LFP cathode active and anode materials and forward-looking global approach makes them a strong fit for our long-term goals. This collaboration comes at a pivotal time as we scale our manufacturing and broaden our reach through a strong roadmap and truly emerge as a global chemistry agnostic product company."

The partnership positions both companies to address growing global demand for battery technologies in mobility and energy storage sectors. Through the alliance, Himadri gains access to IBC's proprietary Industrial AI platform for materials innovation and co-development, while IBC benefits from Himadri's global market presence and supply chain management capabilities.

Himadri Speciality Chemical Ltd operates in 56 countries globally and maintains eight zero-liquid discharge manufacturing facilities. The company utilizes in-house clean power for 100% of its electrical energy needs and produces speciality chemicals for industries including lithium-ion batteries, paints, plastics, tyres, and construction chemicals.

IBC specializes in prismatic form factor cell design, development, and manufacturing for mobility and storage sector applications. The company's joint venture with Mahanagar Gas Limited, a subsidiary of GAIL, gives MGL a 44% stake in IBC India Pvt Ltd, which will operate the Bengaluru Gigafactory.