Rain Industries Rises 8% After Unit Completes EV Battery Graphite Project.

Rain Industries Limited shares surged 7.88% to close at ₹114.88 on the NSE on Wednesday, following a key milestone by its wholly owned subsidiary, Rain Carbon Canada Inc.. The subsidiary announced the successful completion of a joint project to produce coated spherical purified graphite (CSPG), a critical material for lithium-ion battery anodes used in electric vehicles (EVs) and energy storage systems.

The project was executed in collaboration with Green Graphite Technologies Inc. and received partial funding from the Government of Ontario through the Ontario Vehicle Innovation Network (OVIN), which contributed CA$682,000 toward the total project cost of CA$2.05 million.

The initiative processed three types of graphite—natural flake graphite, end-of-life battery graphite, and gigafactory production scrap—into CSPG at pilot scale. The material was tested for EV battery applications, and a techno-economic model of the process was validated as part of the project, marking a significant step toward scalable production.