Anovion Battery Materials

What Anovion Battery Materials does

Anovion Battery Materials (legal entity Anovion Technologies, operating commercially through its M2Graphite subsidiary) manufactures synthetic graphite anode material for lithium-ion batteries. Founded in 2022 and headquartered in Chicago, Illinois, the company operates pilot production in Sanborn, New York, and is constructing an $800 million, 35,000-ton-per-annum facility in Bainbridge, Georgia, with a stated ambition to reach 40,000 tpa of finished product by 2028. Anovion positions itself as the first commercially operational synthetic graphite anode producer in North America, qualified and shipping product to commercial electric-vehicle manufacturers and U.S. Department of Defense aerospace customers, with additional qualification work underway with leading EV OEMs.

The company's core product is M2Graphite synthetic graphite anode material, supplied to lithium-ion battery makers under long-term qualification cycles. Revenue is generated through direct B2B sales of anode material on a quote-based pricing model — no public pricing or contract values are disclosed. Customers fall into three primary segments: commercial EV manufacturers (primary), DoD aerospace programs, and battery cell manufacturers (including LFP gigafactories via a material supply partnership with American Battery Factory). The go-to-market combines direct enterprise sales with industry consortium positioning (NAGA, NAATBatt, MPSC) and active policy advocacy for domestic battery materials.

Anovion's business model is supported by an unusual capital structure for an 11-50 employee company: a $117 million U.S. Department of Energy grant under the Bipartisan Infrastructure Law (2022), an up-to-$400 million debt-financing Letter of Interest from the Export-Import Bank of the United States (2024), and the company's role as a co-petitioner in the anti-dumping case that resulted in 93.5% provisional duties on Chinese-origin anode graphite imports (effective July 2025). Together these elements frame Anovion as a policy-aligned, federally backed domestic supplier competing against Chinese-controlled synthetic graphite supply, which represents over 90% of global processing capacity.

Name

Anovion Battery Materials

Legal name

Anovion Technologies

Website

https://anovion-anode.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Anovion Battery Materials (operating as M2Graphite) manufactures synthetic graphite anode material for lithium-ion batteries, serving commercial EV manufacturers, DoD aerospace customers, and battery cell producers as North America's first commercially operational domestic supplier.

Ownership category

akta.pro rank

Product category

Battery Materials

NAICS

Battery Manufacturing (335910), Carbon and Graphite Product Manufacturing (335991)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Anode Materials Manufacturing (Graphite, Silicon, LTO) (EUAFABAC)

Keywords

• Synthetic graphite anodes
• Lithium-ion battery materials
• Anode material manufacturing
• EV battery materials
• Battery-grade graphite

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Synthetic Graphite Anode Material Sales: Revenue generated from manufacturing and selling synthetic graphite anode material to lithium-ion battery manufacturers for electric vehicles, energy storage systems, and defense aerospace applications.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Anovion Battery Materials (legal entity Anovion Technologies, operating under the M2Graphite brand) manufactures and sells synthetic graphite anode material for lithium-ion batteries. The company operates North America's first commercially operational capacity dedicated to synthetic graphite anode material, with pilot operations in Sanborn, NY and an $800 million expansion facility under construction in Bainbridge, GA targeting 40,000 tpa of finished product by 2028. Product is qualified and shipping to commercial EV manufacturers and DoD aerospace customers.

Product overview

M2Graphite is a single-product company focused on synthetic graphite anode material for lithium-ion batteries. The company operates pilot production facilities in Sanborn, NY, which serve as North America's first commercially operational capacity dedicated to synthetic graphite anode material. M2Graphite is currently qualified and shipping product to customers in commercial electric vehicle and DoD aerospace applications, with expansion projects underway to raise capacity to 40,000 tons per annum finished product by 2028.

Differentiator

Problem solved

Functional benefit

Products and services

• M2Graphite Synthetic Graphite Anode Material Synthetic graphite anode active material for lithium-ion batteries, manufactured by Anovion Battery Materials (legal entity Anovion Technologies) under the M2Graphite brand. Sold to lithium-ion battery cell manufacturers, commercial electric vehicle makers, and Department of Defense aerospace customers as a domestically sourced, qualified alternative to Chinese graphite anode material.

Quantifiable outcome

• 35,000 tons per annum production capacity for synthetic graphite anode material
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core and minor.

• American Battery FactorycoreChannel Partner/ Reseller/ Distributor · 25 March 2026Anovion serves as a material supplier partner for American Battery Factory's Arizona LFP gigafactory. American Battery Factory is developing a US supply chain for LFP battery cells and has secured 4.5GWh offtake agreements. Anovion provides synthetic graphite anode material as part of the domestic supply chain ecosystem.
• NAATBatt InternationalminorStrategic or Co-development PartnerM2Graphite is a member of NAATBatt International, a trade association focused on advancing battery technology and manufacturing in North America.
• North American Graphite Alliance (NAGA)minorStrategic or Co-development PartnerM2Graphite partners with NAGA, an industry alliance working to grow a resilient and sustainable North American battery supply chain.
• Military Power Sources Consortium (MPSC)minorStrategic or Co-development PartnerM2Graphite maintains membership in the Military Power Sources Consortium, supporting defense-related battery material supply requirements.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• POSCO Future M: POSCO Future M is a major Korean producer of battery materials including synthetic and natural graphite anode material. It serves global EV cell makers and competes broadly with Anovion in the same end market, but as a diversified incumbent across cathode and anode.
• Mitsubishi Chemical Group: Mitsubishi Chemical is a large, diversified Japanese chemical and materials company that produces battery-grade graphite anode material. It competes with Anovion in supplying synthetic graphite to global cell manufacturers and has the scale and incumbency to influence pricing.
• BTR New Material Group: BTR New Material is one of the largest global producers of lithium-ion battery anode materials, headquartered in China. It is the dominant incumbent whose exports are now subject to the 93.5% US anti-dumping duties and represents the displaced supply that Anovion and other domestic producers are positioned to replace.

Direct peers

• Novonix: Novonix is a direct competitor developing and producing synthetic graphite anode material for lithium-ion batteries in North America. It was a co-petitioner with Anovion in the US anti-dumping case against Chinese graphite and is building its own Riverside, TN facility, making it the most direct US synthetic graphite peer.
• Epsilon Advanced Materials: Epsilon Advanced Materials produces synthetic graphite anode material for lithium-ion batteries and is expanding US manufacturing capacity. It was also a co-petitioner in the same anti-dumping case as Anovion, making it a direct competitor in the domestic synthetic graphite space.
• Syrah Technologies: Syrah Technologies operates the Vidalia, Louisiana natural graphite anode material facility and is a direct US-based competitor targeting the same domestic lithium-ion battery anode market. Syrah was also a co-petitioner alongside Anovion in the anti-dumping complaint.

Emerging players

• Graphite One: Graphite One is developing a vertically integrated US graphite supply chain from its Graphite Creek mine in Alaska through to advanced anode material production. It targets the same domestic battery-grade graphite market as Anovion but via a natural-graphite route.
• Westwater Resources: Westwater Resources is developing natural graphite anode material production from its Kellyton, Alabama facility, directly competing with Anovion in the US domestic battery anode market and targeting the same Southeast US battery belt customers.
• Talga Group: Talga Group is developing graphite anode material (both natural and synthetic routes) from its Vittangi project in Sweden, with European gigafactory customers. It competes with Anovion for global cell-maker qualification slots and pursues a similar vertically integrated, ex-China anode strategy.
• Vianode: Vianode is an Elkem-backed producer of high-performance synthetic graphite anode materials for lithium-ion batteries, with planned large-scale plants in Norway and North America. It is a direct technology competitor targeting the same EV cell-maker customer base as Anovion.

Market position

Strengths5 records

Weaknesses2 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/anoviontech
• LinkedInlinkedin.com/company/anovion-anode

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Anovion Battery Materials