Gujarat Fluorochemicals Ltd (GFL), part of diversified business group INOXGFL, announced today that its battery materials arm GFCL EV Products Ltd (GFCL EV) has raised INR 1,000 crore at an equity valuation of INR 25,000 crore. INOXGFL Group promoters led the fund raise along with several marquee investors, including the family offices of some of the largest business groups in India.
GFCL EV caters to the electric vehicle (EV) and energy storage system space through battery salts, additives, electrolytes, cathode active materials and cathode binders. The company will utilize the funds to meet its capex requirements as it scales to capitalize on large-scale global opportunities in the EV and ESS battery space. Its plant in Jolva, Gujarat, is under phased commissioning.
GFCL EV has fully integrated manufacturing capabilities with backward integration into anhydrous hydrogen fluoride (AHF), lithium fluoride (LiF) and captive fluorspar. The company sees itself well positioned to capture a sizeable value share in the global battery materials industry and become a preferred partner to EV and ESS battery manufacturers in their quest to secure a sustainable and reliable supply chain.
“GFCL EV, with its diversified battery materials offerings and strong credentials, aims to capitalize on the opportunities arising with the Inflation Reduction Act (IRA) in the US and the strategic diversification globally of supply chains away from a single origin country. The global opportunity for the EV battery chain is estimated to reach $300 billion by 2030. The projected increase in the global lithium battery demand from 1100 GWh to 5000-6000 GWh by 2030 will lead to significant demand for the battery materials which GFCL EV caters to,” stated the company.
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