Anupam Rasayan India announced that it has signed a non-binding Letter of Intent (LOI) with BASQUEVOLT, S.A., a European developer of solid-state lithium batteries, headquartered in Miñano (Araba/Álava), Spain.

Under the LOI, the parties intend to explore the potential supply of a specialty chemical product over a period of up to 10 years for cumulative revenue of $300 Mn. The LOI is non-binding and preliminary. Any supply would be subject to the successful completion of product development and to the negotiation and signing of a definitive supply agreement.