A composite material having utility as an anode for lithium ion batteries comprises silicon, a transition metal, a ceramic and an electrically conductive diluent such as carbon. In particular instances, the ceramic is electrically conductive, and may comprise vanadium carbide or tungsten carbide. The transition metal may, in some instances, comprise iron. The material may be fabricated by grinding together a starting mixture of the components, and grinding may be accomplished in a high impact ball milling process, and the grinding step may cause partial alloying of the silicon with the metal and/or carbon. Further disclosed is a method for making the material as well as electrodes which incorporate the material.