Corporate Development     

Published: April 30, 2026
Updated: April 30, 2026

Rain Industries

Advancing Production of High-Purity Graphite for Lithium-Ion Batteries

Green Graphite Technologies Inc. (“GGT”), an emerging graphite manufacturing technology company, in collaboration with Rain Carbon Canada Inc. (“RAIN”), announced the successful completion of its project to advance the production of coated spherical purified graphite, a critical material in the manufacturing of lithium-ion batteries for electric vehicles (EV), micromobility, energy storage systems and other devices. This project was generously supported by the Government of Ontario through the Ontario Vehicle Innovation Network (OVIN), which contributed CA$682,000 to the total project value of CA$2.05 million.

Rain Carbon Canada Inc. is a wholly owned subsidiary of Rain Carbon Inc. and Rain Industries (NSE-BSE listed), its ultimate beneficial owner. Based in Hamilton, Ontario, the company is up-cycling industrial aromatic by-products from steel manufacturing, oil refining, and other industrial processes into high-value carbon products, intermediate chemicals, and aromatic oils that are used in the production of aluminium, steel, pavement sealers, fine chemicals, refractories, wood preservation, and carbon black in end use applications like automotive, building and construction, chemical, polymers, batteries, and tyres. Rain Carbon Inc. is a global, vertically integrated supplier of a diversified portfolio of carbon-based and chemical products that are essential raw materials for staples of everyday life.

This project addresses a critical domestic supply gap for battery materials. Currently, over 90% of all battery-grade graphite is sourced from China. North American automobile OEMs and battery cell manufacturers are all seeking a secured, domestic supply of battery-grade graphite with a lower carbon footprint, but at a similar cost. Implementing current purification practices from China in North America while meeting local environmental, health and safety standards is not cost-effective. GGT, with its patented, cost-competitive, highly sustainable graphite purification technology, will enable this domestic supply of battery-grade graphite.

This collaboration brought together GGT’s cutting-edge graphite purification technology and RAIN’s extensive expertise in carbon precursors, carbon material processing and coating, creating a powerful synergy, driving innovation and sustainability in the EV sector. The project involved transforming three sources of graphite at the pilot scale – natural flake graphite, graphite from end-of-life batteries, and graphite from gigafactory production scrap – into coated spherical purified graphite (CSPG), also known as anode active materials. This material was then tested using industry standard methods to assess their performance and suitability for use in EV batteries. The technoeconomic analysis model of the process was also validated as part of this project.

The successful results from this project have enabled GGT to move forward with the construction of the first phase of its demonstration plant, currently being completed in Mississauga, Ontario. It will be operational early next month, with the goal of producing CSPG and other highpurity graphite products for qualification with battery cell manufacturers and others.

“Ontario is building one of the most advanced electric vehicle and battery supply chains in the world, and projects like this demonstrate the strength of our homegrown innovation,” said Claudia Krywiak, President and CEO of the Ontario Centre of Innovation (OCI).

Gillian Holcroft, Cofounder & CEO of GGT, said “Our success comes from harnessing home grown innovation and strong partnerships to close a critical gap in Canada’s EV supply chain. Our collaboration with Rain Carbon proves what is possible as we launch this next demonstration phase, putting us on a clear path to a commercial CSPG plant in 2029.”

GGT, headquartered in Montreal, Quebec with pilot operations in Mississauga and Kingston, Ontario, is commercializing its patented purification technology to produce battery-grade graphite from mined and recycled sources to address the urgent need to onshore supply for North American lithium-ion battery manufacturers (i.e. gigafactories). With 55% lower operating costs compared to traditional methods and an 82% reduction in carbon footprint versus China-produced anode active materials, GGT’s technology is poised to enable the cost effective and sustainable onshoring of midstream processing of this critical mineral.

In another recent development, Rain Carbon Germany GmbH (a wholly owned subsidiary of Rain Industries), Northern Graphite Corporation, H.C. Starck Tungsten GmbH and Friedrich Schiller University Jena announced the launch of USE-G: environment friendly and safe graphite extraction for Europe’s battery industry-a three year research and development program funded largely by the German Federal Ministry for Economic Affairs and Energy. Rain’s German subsidiary produces precursors and components used worldwide

for electrode materials based on natural graphite, synthetic graphite, and silicon carbon composites, which are used in lithium-ion batteries.

Sustainable battery material solutions being implemented has a very good potential to change revenue and profit dynamics of Rain Industries (RIL) a listed parent company of Rain Carbon Canada Inc. RIL is one of the world’s largest producers of calcined petroleum coke, coal tar pitch and other high quality advanced materials, and continues to grow through capacity expansions, mergers and acquisitions across the world. The company operates in three key business verticals: Carbon, advanced materials and cement with having sixteen manufacturing facilities in eight countries across three continents.

The company follows calendar year for accounting. In CY 2025, on consolidated basis, its revenue from operations was Rs. 16946 crore with net profit of Rs. 136 crore vis-à-vis Rs. 15374 crore and Rs. 450 cross loss, respectively in the CY 24. Equity Capital is Rs. 67.27 crore.

Rain’s stock price is currently ruling at Rs. 123 (face value Rs.2) with a book value of Rs.209 and Promoter group holding at 41.35%. The yearly high-low is Rs.176 and Rs.100 respectively whereas the market capitalisation is Rs.4125 crore. Investors with patience (15-18 months horizon) could start buying in small lots for decent appreciation.