Himadri invests USD 4.43 million for 16.24% stake in U.S.-based IBC • EVreporter

Himadri Speciality Chemical Ltd (HSCL), a chemical manufacturer, has announced an investment of USD 4.43 million (approximately ₹37.47 crore) for a 16.24% equity stake in International Battery Company, Inc. (IBC), a U.S.-based developer and manufacturer of prismatic lithium-ion (Li-ion) cells. The investment, made through a mix of preferred and common shares, also includes representation for Himadri on IBC’s board. This move marks the beginning of the commercial deployment of Himadri’s LFP cathode active and anode materials.

IBC develops prismatic cell technologies used in energy storage and mobility. It operates a 50MWh Li-ion battery cell facility in South Korea that began production in 2023. The company is also building a Gigafactory in Bengaluru, India, via its joint venture with Mahanagar Gas Limited (a GAIL subsidiary). MGL holds a 44% stake in the JV—IBC India Pvt Ltd—which is expected to begin operations in Q4 FY26. The Bengaluru facility is intended to serve domestic B2B fleet operators and 2- and 3-wheeler OEMs and support exports. IBC currently supplies battery packs to over 500 electric vehicles using its NMC-based Prabal 1000 (NMC-622 cathode chemistry) cells made in South Korea. The company has an order book of 4,300 electric 2-wheelers from six customers.

IBC is developing its next product, Prabal 2000, based on LFP chemistry, using Himadri’s cathode active and anode materials.

The partnership between Himadri and IBC aims to develop and deploy lithium-ion battery materials and cell technologies. Himadri will access IBC’s production infrastructure in South Korea and India, facilitating the commercial application of its materials. The association also allows Himadri to reach new markets across the U.S., India, and East Asia. IBC, in turn, will receive a supply of battery materials and collaborate with Himadri on product development and supply chain operations. IBC also brings in its Industrial AI platform to support the development and optimization of battery materials.

According to the company, the investment aligns with efforts to develop a battery materials supply chain in India. The planned Gigafactory in Bengaluru is intended to serve both domestic and export markets. The collaboration is expected to support the growth of India’s manufacturing base for battery technologies.

Commenting on the partnership, Mr. Anurag Choudhary, CMD & CEO, Himadri Speciality Chemical Ltd, said: “We are pleased to announce our strategic investment of USD 4.43 Million (approx. ₹ 37.47 Crores) for a 16.24% stake in IBC, a trailblazer in next-generation battery technologies. This partnership marks a pivotal step in Himadri’s global clean-tech strategy and our entry into the LiB component materials market. Anode and cathode materials are the most critical components of a lithium-ion cell, accounting for nearly 65% of its total cost and directly influencing its performance and reliability. Our advanced materials—jointly tested with IBC—have demonstrated outstanding results, fulfilling their stringent requirements for high-performance battery manufacturing. Through this partnership, Himadri gains access to IBC’s global manufacturing infrastructure, customer base, and cutting-edge R&D ecosystem—including its proprietary Industrial AI platform. In return, IBC secures a reliable supply of high-performance anode and cathode materials, while leveraging Himadri’s deep expertise in materials science and global supply chains to scale its operations. This is a win-win collaboration—one that brings together deep material science and advanced battery technology to shape the future of sustainable energy. Together, we are building a scalable, high-impact ecosystem that will power the next wave of clean mobility and energy solutions not only in India but across the globe.”

Dr. Priyadarshi Panda, Founder and CEO, International Battery Company, Inc , added: “We’re excited to have Himadri join us as a strategic partner. Their deep expertise in LFP cathode active and anode materials and forward-looking global approach makes them a strong fit for our longterm goals. This collaboration comes at a pivotal time as we scale our manufacturing and broaden our reach through a strong roadmap and truly emerge as a global chemistry agnostic product company. With Himadri’s backing, we’re confident in our ability to accelerate innovation and deliver high-performance cell technologies that meet the growing demands of the mobility and energy storage sectors. Furthermore, Himadri’s deep expertise in materials chemistry combined with IBC’s other initiatives in the equipment and process space enable IBC to emerge as a complete end to end player from molecule to encompassing equipment, processes and end products- providing the best custom designed solutions to our customer base in India, the US and globally. This partnership with Himadri is truly a game changer for IBC’s aggressive India execution and global expansion plans backed by IBC’s advanced proprietary Industrial AI (Molecular, Physical and Scientific AI) Platform.”

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