Rain Industries Limited shares closed 7.88 per cent higher at ₹114.88 on the NSE on Wednesday. Its 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.
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 initiative processed three graphite sources — natural flake graphite, end-of-life battery graphite, and gigafactory production scrap — into CSPG at pilot scale. 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. GGT is targeting a commercial-scale plant by 2029. The company claims its technology delivers 55 per cent lower operating costs than conventional methods and an 82 per cent reduction in carbon footprint compared to China-produced anode materials.
The announcement is strategically significant given that over 90 per cent of battery-grade graphite currently originates from China. North American automakers and battery manufacturers have been seeking domestically sourced, lower-carbon alternatives.
Rain Carbon Canada, based in Hamilton, Ontario, brings expertise in carbon material processing and coating to the collaboration. Its parent, Rain Industries Limited operates as a vertically integrated global supplier of carbon-based products. The stock touched an intraday high of ₹116.44 before settling at close.