Anupam Rasayan (NSE: ANURAS, BSE: 543275) Signs LOI with Elementium Materials Inc. for Advanced EV Battery Solvent; Eyes Up to $450 Million in Revenue

Surat, February 28, 2025: Anupam Rasayan India Ltd., a leading player in custom synthesis and specialty chemicals, announced today the signing of a Letter of Intent (LOI) with Elementium Materials Inc., a U.S.-based battery electrolyte company, for developing and supplying advanced solvents critical to electric vehicle (EV) batteries.

Key Financial and Business Highlights:​

• Projected Revenue: Cumulative sales ranging between $350 million to $450 million over five years, contingent on successful product development.
• Commencement of Supply: Expected by the end of FY26.
• Capacity Expansion: Initial supplies will leverage existing facilities; full-scale potential will require establishing a new manufacturing plant.

Strategic Importance and Market Impact:​

This agreement marks Anupam Rasayan's strategic entry into the rapidly expanding battery chemicals market, directly aligning with global trends toward sustainable energy and electric vehicle adoption. The advanced solvent developed under this collaboration is aimed at significantly enhancing EV battery performance, safety, and affordability, reinforcing Anupam Rasayan’s position within a high-growth sector.

Management Commentary:​

Anand Desai, Managing Director, Anupam Rasayan India Ltd., 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 vehicle power output, resulting in 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."

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Dr. Matthew Dawson, CEO, Elementium Materials Inc., added:

“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.”

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Company Overview:​

Anupam Rasayan India Ltd., established in 1984, specializes in custom synthesis and manufacturing of specialty chemicals. It operates across two primary segments: Life Science Specialty Chemicals and Other Specialty Chemicals. The company serves over 71 domestic and international clients, including 31 multinationals, with six manufacturing units located in Gujarat, India, featuring an aggregate installed capacity of approximately 30,000 MT as of December 31, 2024.

Elementium Materials Inc. is globally recognized for its advancements in energy storage materials, focusing on developing high-performance electrolytes and battery materials. This partnership underscores Elementium's commitment to fostering the transition toward cleaner and more resilient energy ecosystems.

Strategic Outlook:​

With this LOI, Anupam Rasayan is strategically positioned to leverage increasing global demand for EV components and clean energy solutions, aligning well with investor expectations for sustainable growth and profitability.