Rain Industries Limited shares closed 7.88% higher at ₹114.88 on the NSE on Wednesday, following the announcement of a significant milestone in its EV battery materials development. According to reports from The Hindu BusinessLine, the stock touched an intraday high of ₹116.44 before settling at the close. The surge reflects investor confidence in the company's strategic positioning in the growing electric vehicle battery supply chain.
The company's wholly owned subsidiary, Rain Carbon Canada Inc., announced the successful completion of a joint project to produce coated spherical purified graphite (CSPG) — a key material used in lithium-ion battery anodes for electric vehicles and energy storage systems. As reported by The Hindu BusinessLine, the project was carried out in collaboration with Green Graphite Technologies Inc. (GGT), a Montreal-based graphite manufacturing company, and was partly funded by the Government of Ontario through the Ontario Vehicle Innovation Network (OVIN), which contributed CA$682,000 toward a total project cost of CA$2.05 million. The pilot successfully processed multiple graphite sources — including natural flake graphite, recycled battery material and production scrap — into high-purity anode materials, validating both performance and commercial viability.
The project processed three graphite sources — natural flake graphite, end-of-life battery graphite, and gigafactory production scrap — into CSPG at pilot scale. According to the announcement reported by The Hindu BusinessLine, the material was tested for EV battery suitability, and a technoeconomic model of the process was validated as part of the work. The project's completion clears the way for GGT to begin the first phase of its demonstration plant in Mississauga, Ontario, which is expected to become operational early next month. The facility will produce CSPG for qualification with battery manufacturers, marking a step forward in building a localised EV supply chain in North America.
The initiative is strategically significant given that over 90% of battery-grade graphite currently originates from China. As reported by The Hindu BusinessLine, North American automakers and battery manufacturers have been seeking domestically sourced, lower-carbon alternatives. GGT claims its technology delivers 55% lower operating costs than conventional methods and an 82% reduction in carbon footprint compared to China-produced anode materials. The collaboration combines GGT's graphite purification technology with Rain Carbon's expertise in carbon materials and processing, enabling a more sustainable and cost-effective domestic alternative. The company is targeting a commercial-scale plant by 2029.
Rain Carbon Canada, based in Hamilton, Ontario, brings expertise in carbon material processing and coating to the collaboration. According to The Hindu BusinessLine, its parent company, Rain Industries Limited, operates as a vertically integrated global supplier of carbon-based products. The subsidiary's focus on graphite processing aligns with the growing demand for EV battery materials as the automotive industry transitions toward electric vehicles. The development comes amid growing global efforts to secure critical battery materials and reduce reliance on imports.
