Epsilon Carbon Signs $20 Mn Deal with Alba, Eyes 2027 IPO

The aluminium sector’s deepening demand for high-quality carbon materials is driving new industrial synergies, as Epsilon Carbon announced a $20-million memorandum of understanding (MoU) with Aluminium Bahrain (Alba) to explore a long-term supply of liquid coal tar pitch (CTP) across the Middle East.

Speaking at the 3rd Gateway Gulf Investment Forum, Epsilon Carbon Managing Director Vikram Handa said the company aims to raise its CTP production capacity to 300,000 tonnes by next year, in response to rising regional demand. CTP is a critical input used in carbon anodes and cathodes for aluminium smelting and EV batteries, placing it at the heart of energy and materials transformation.

“We look to export more and more, and we wanted to take the opportunity to bring a local supply chain to Bahrain,” Handa said. He noted that Bahrain, Qatar, and Saudi Arabia together consume about 250,000 tonnes of pitch annually, with a majority sourced from China, Japan, and India. “Our facility here will be a melter where we will transport pitch from India to Bahrain,” he added.

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The collaboration with aluminium smelter Alba, Handa said, “is an important step toward sustainable industrial growth.” With coal tar distillation capacity set to reach 750,000 tonnes by 2027 and a strategic investment in Bahrain, Epsilon Carbon aims to strengthen regional collaboration and supply chain resilience.

The company, which has manufacturing units in Karnataka, Chhattisgarh, and Odisha, is also expanding its battery material operations in the US, Finland, and Germany. “In Odisha, we have announced a Rs 10,000 crore investment, and in Karnataka, we're investing Rs 500 crore,” Handa said, adding that Epsilon’s rapid growth could lead to a public listing by end-2027.