Surat/Mumbai, February 28, 2025: Anupam Rasayan India Ltd., a leading provider of custom synthesis and specialty chemicals, has signed a Letter of Intent (LOI) with Elementium Materials Inc., a U.S.-based Battery Electrolyte Company, for the supply of chemicals in an advanced electrolyte critical for electric vehicle (EV) batteries. Anupam Rasayan will leverage its cutting-edge research and development expertise in Chemical production to create this high-demand, essential product, with supply expected to commence from end of FY26. Upon successful product development, the companies will negotiate a supply agreement for 5 years with cumulative sales ranging between $350 to $450 mn. Initial quantities can be supplied through existing manufacturing facilities, while to achieve its full potential, the company would be required to set up a new plant.
Speaking about the signed LOI, Anand Desai, Managing Director of Anupam Rasayan, said:
“This LOI with Elementium Materials aligns with our strategy to foray into battery chemicals and directly work with OEMs. This product will play a crucial role in enabling our customer to achieve its mission of manufacturing low-cost and high-performance EV batteries. By significantly enhancing battery performance, it will improve the power output of the vehicle, leading to a superior driving experience with enhanced safety. Furthermore, this partnership is poised to drive substantial revenue growth and profitability, establishing our presence in the battery chemicals market. By integrating our expertise in chemical production with the vision for affordable clean energy, we are addressing the cost and performance barriers associated with EV adoption while contributing to a more sustainable planet.”
Speaking about the signed LOI, Dr. Matthew Dawson, CEO of Elementium Materials, said:
“This Letter of Intent with Anupam Rasayan is a key step in Elementium’s strategy to build a diversified and resilient global supply chain. Working with world-leading chemical suppliers like Anupam Rasayan enables us to rapidly scale production of our next-generation electrolyte platform, driving the future of ultra-high performance batteries and sustainable energy solutions.”
