GFCL EV secures 1,000 cr for battery expansion

News, October 24, 2024

The board of Gujarat Fluorochemicals Limited’s subsidiary, GFCL EV Products Ltd, has authorized an INR 1,000 cr raise at an equity valuation of INR 25,000 crore, the company announced. Along with a number of high-profile investors, including the family offices of some of the biggest business groups in India, the promoters of the INOXGFL group spearheaded the fund-raising round.

The money will be used to meet the company’s capital expenditure needs as it grows to take advantage of the massive global opportunities in the energy storage system (ESS) and electric vehicle (EV) space.

In the pursuit of a sustainable and dependable supply chain, GFCL EV is well-positioned to gain a sizable portion of the global battery material market and establish itself as a preferred partner for EV/ESS battery/cell manufacturers. With backward integration into AHF, LiF, and captive fluorspar, GFCL EV offers fully integrated manufacturing capabilities.

With its varied selection of battery materials and storage capabilities, GFCL, EV seeks to take advantage of the opportunities brought about by the US Inflation Reducing Act (IRA) and the deliberate diversification of supply chains worldwide away from the country of origin.

By 2030, the EV battery chain is predicted to have a $300 billion global market. By 2030, the demand for lithium batteries is expected to rise from – 1100 GWh to 5000–6000 GWh worldwide, creating a substantial demand for the battery material that GFCL EV supplies.