GFCL EV raises ₹1,000 crore to expand in EV and ESS sectors, positioning itself as a key global battery materials supplier.
Gujarat Fluorochemicals (GFL) said its arm GFCL EV Products (GFCL EV) has secured pl board nods to mop up ₹1,000 crore at an equity of ₹25,000 crore at least. The fund raise was promoted by the promoters of the INOXGFL Group and others which included many key players including family offices of the largest business houses of India. The money will be used in the company to increase access to global markets within the electric vehicles (EV) and energy storage systems (ESS) industries.
Strategic Positioning in Battery Materials Industry
GFCL EV is capable of acquiring a large portion of the international battery material market. So, the company has set itself the task of becoming a strategic supplier of materials for EV and ESS battery manufacturers. By integrating manufacturing with value added material procurement such as AHF, LiF and fluorspar for captive consumption, GFCL EV is well positioned to increase production to meet the demands of the expanding markets. Its product offerings include:
- Battery Chemicals: LiPF6, electrolyte compositions and performance enhancing components for use in electrolytes.
- Cathode Active Materials: Lithium Iron Phosphate (LFP).
- Binders: Both PVDF and PTFE.
Global Expansion and Market Outlook
GFCL EV has the best opportunity to serve the diversifying global supply chain especially due to the IRA from the United States. The market for full EV batteries is expected to reach $300B by 2030 and lithium battery demand is estimated to grow from approximately 1,100 GWh to 5,000- 6,000 GWh by 2030. This growth will cause a much greater demand for the battery materials used by GFCL.
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