10 Oct , 2024 By : Debdeep Gupta
Shares of Rain Industries soared over 9 percent on October 10 after its subsidiary Rain Carbon, partnered with Canada's Northern Graphite and inked an agreement with Northern Graphite Corporation to jointly develop and commercialize advanced battery anode material (BAM) used in lithium-ion batteries for electric vehicles.
In these batteries, the anode, or negative electrode, is typically composed of graphite coated on copper foil, making it a crucial component in the battery's life cycle.
At 11.23 am, shares of Rain Industries were trading at Rs 176.90 on the NSE. Trading volumes were also strong as 75 lakh shares changed hands on the bourses so far, significantly higher than the one-month daily traded average of 34 lakh shares.
Gerard Sweeney, President of Rain Carbon Inc., believes the collaboration will accelerate innovative solutions for the rapidly growing lithium-ion battery market.
Hugues Jacquemin, CEO of Northern Graphite, added that the partnership allows for using natural graphite in battery anode materials, addressing environmental concerns while improving key metrics such as cycle life, charging speed, and battery stability.
Back in August, Jagan Reddy Nellore, Vice Chairman of Rain Industries, announced plans for an Innovation Center in Hamilton, Canada, which is expected to be operational by the first quarter of 2025.
The company aims to develop products in this emerging new-age materials industry. "We intend to remain an industrial products supplier to global businesses, but it is a bit early to project revenue and/or earnings from these products," Nellore stated.
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