Anupam Rasayan Signs $300 Million Supply LOI with BasqueVolt.

Anupam Rasayan India Ltd. recently said it has signed a non-binding Letter of Intent (LOI) with Spain-based solid-state battery developer BasqueVolt SA to explore the long-term supply of a specialty chemical product in a deal that could generate cumulative revenue of up to $300 million.

Under the proposed arrangement, the company expects to supply the specialty chemical over a period of up to 10 years, subject to successful product development and the execution of a definitive supply agreement.

BasqueVolt, headquartered in Miñano in Spain's Araba/Álava province, develops solid-state lithium batteries for next-generation energy storage applications.

Anupam Rasayan said the LOI is preliminary in nature, and any commercial supply agreement will be contingent on the successful development of the product and the negotiation of a final supply contract.