India has great scope for the production of electric-vehicle batteries locally because it has access to the raw materials, a $20 billion manufacturing incentive plan, a proposed battery materials policy and improving prospects for demand, Handa, 40, said. By producing the anodes in India, Handa aims to transition the South Asian nation from a battery minerals centre to a battery materials hub. China has been producing more than 80% of the world’s supply of these anodes, importing raw materials from countries including India. Handa plans to invest 60 billion rupees ($807 million) to produce 100,000 tons of synthetic graphite anode by 2030, or about 10% of estimated global demand.Īnode materials are the negative electrode in lithium-ion batteries and account for a quarter of a cell’s components. Vikram Handa set up Epsilon Advanced Materials Pvt - India’s first manufacturer of lithium-ion battery parts - in the southern state of Karnataka in August, sourcing the raw material from the largest steel mill in the country that’s owned by his father-in-law, Sajjan Jindal. "For additional takes, the truck was towed to the top of the hill and rolled down the hill twice more.The son-in-law of India’s biggest steel tycoon is betting big on converting coal tar into graphite anodes for electric-car batteries in a bid to test China’s monopoly in the sector. "In order to accomplish this feat with a vehicle that could not drive, the Nikola One was towed to the top of hill, at which point the 'driver' released the brakes, and the truck rolled down the hill until being brought to a stop in front of the stop sign," prosecutors wrote. The concept included a shot of the Nikola One coming to a stop in front of a stop sign, according to the indictment. The false promotional video for the semi-truck prototype known as Nikola One was referenced heavily in the indictment. The company also said Milton had made inaccurate statements about the technology behind the vehicle. The company subsequently conceded video of its electric truck gave a misleading impression it was actually drivable. But will loyalists buy them?Īuthorities had been investigating Milton and Nikola for more than a year after short seller Hindenburg Research called the firm an "intricate fraud" in a September report. MORE: Electric sports cars are shockingly fast and emissions-free. Justice was not served by the government’s action today, but it will be when Mr. "From the beginning, this has been an investigation in search of a crime. Milton has been wrongfully accused following a faulty and incomplete investigation in which the government ignored critical evidence and failed to interview important witnesses," the statement added. A spokesperson for his legal team maintained that Milton is innocent in a statement to ABC News Thursday, calling the situation "a new low in the government’s efforts to criminalize lawful business conduct." Milton pleaded not guilty on Thursday after being taken into custody and was released on a $100 million bond. "Milton's scheme targeted individual, non-professional investors - so-called retail investors - by making false and misleading statements," the indictment said. In some cases, these victims lost their retirement savings, authorities said, as they outlined his web of false promises related to an electric truck that was never operable. In a nearly 50-page indictment, prosecutors accused Milton of preying on vulnerable retail investors who had turned to trading after losing income due to the pandemic. Trevor Milton, the billionaire founder of electric truck manufacturer Nikola, was hit with securities fraud charges from federal prosecutors in New York City on Thursday.
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