Rain Industries Ltd shares surged over 8% intraday on Wednesday after its subsidiary Rain Carbon Canada, in collaboration with Green Graphite Technologies Inc. (GGT), announced the successful completion of a key graphite project for electric vehicle (EV) batteries.
The project focused on advancing the production of coated spherical purified graphite (CSPG), a critical material used in lithium-ion batteries powering EVs, energy storage systems and other applications.
Backed by the Government of Ontario through the Ontario Vehicle Innovation Network, the project had a total value of about CA$2.05 million. It aims to address a key supply gap, with over 90% of battery-grade graphite currently sourced from China, while enabling a more sustainable and cost-effective domestic alternative.
The collaboration combined GGT’s graphite purification technology with Rain Carbon’s expertise in carbon materials and processing. The pilot successfully processed multiple graphite sources — including natural flake graphite, recycled battery material and production scrap — into high-purity anode materials, validating both performance and commercial viability.
Following the milestone, GGT is moving ahead with its demonstration plant in Mississauga, Ontario, which is expected to be operational next month. The facility will produce CSPG for qualification with battery manufacturers, marking a step forward in building a localised EV supply chain in North America.
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The development comes amid growing global efforts to secure critical battery materials and reduce reliance on imports. Shares of Rain Industries rose over 9% to hit an intraday high of ₹116.44 on the NSE following the announcement.
