Epsilon Advanced Materials Inc. (EAM), a subsidiary of Epsilon Group focused on battery material manufacturing, has received a non-binding Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM). The LOI proposes potential debt financing of up to $420 million for EAM’s upcoming synthetic graphite production facility in Leland, North Carolina. This proposed support falls under EXIM’s Make More in America initiative and outlines a potential minimum loan repayment term of 20 years.
The Leland facility is expected to produce 30,000 tons of battery-grade synthetic graphite annually by 2027, with plans to double capacity to 60,000 tons by 2030. According to EAM, the plant is positioned to supply enough material for approximately one million electric vehicles in the U.S., supporting battery manufacturers and automotive OEMs.
EAM Managing Director Vikram Handa stated that the LOI reflects the strategic relevance of developing domestic battery materials to support clean energy technologies and reduce dependence on international supply chains. He also noted the potential long-term economic benefits the project could bring to the region, including job creation.
EAM plans to submit a formal application to EXIM in 2025. The LOI does not guarantee financing and is subject to EXIM’s due diligence, underwriting standards, and approval processes.
Founded in 2010, Epsilon Group operates across the carbon and battery materials sector through subsidiaries including Epsilon Carbon and Epsilon Advanced Materials. Epsilon Carbon runs India’s first integrated carbon facility in Karnataka, while Epsilon Advanced Materials, established in 2018, manufactures anode and cathode materials and has operations in India, the U.S., and Finland. The group is also expanding into lithium iron phosphate (LFP)-based cathode active materials to support global battery demand.