Epsilon envisages investments to the tune of ₹ 9,000 crore for its anode material plants and about ₹ 5,000 crore for cathode plant over the coming 6-7 years, according to Handa.

According to the Volkswagen executive, the NMC cathode defines the cost of the cell by 40 percent. The range would also depend on that positive electrode by 90 percent.

The company said at the time it expected to produce around 100 gigawatt-hours annual capacity of cathode active materials and anode foil, which can power 1 million EVs, by 2025.

When paired with a cobalt-manganese cathode (where oxygen is reduced), the resulting completely precious metal-free hydrogen fuel cell outputs more than 200 milliwatts per square centimetre.