Shares of Rain Industries Limited went up by 9% on October 10 because its subsidiary, Rain Carbon, partnered with Northern Graphite, a Canadian company. They agreed to develop and sell advanced battery anode material used in lithium-ion batteries for electric vehicles.

These batteries use graphite coated on copper foil for the negative electrode, which is very important for the battery’s life.

Gerard Sweeney, President of Rain Carbon Inc., believes that this partnership will help them develop new solutions for the quickly growing lithium-ion battery market.

Hugues Jacquemin, the CEO of Northern Graphite, said that this partnership will let them use natural graphite in battery anode material. This can help with environmental concerns and improve the battery’s longevity, charging speed, and stability.

In August, Jagan Reddy Nellore, the Vice Chairman of Rain Industries, said they plan to create an Innovation Center in Hamilton, Canada, and start working there by the first quarter of 2025.

The company wants to make products for this new materials industry. Nellore said, “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.”

At  12:07 pm, the shares of Rain Industries were trading 6.47% higher at Rs 176.38 per share on the NSE.

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