Gujarat, India – 23 October 2024 GFCL EV, subsidiary of Gujarat Flurochemical has successfully raised INR 1,000 crore for domestic battery materials production. This funding round is said to accelerate the manufacturing of critical battery chemicals, directly addressing India’s reliance on imported components. By aggressively expanding capacity, GFCL EV is India not just as a consumer, but as a pivotal, alternative global hub equipped to meet surging demand across the electric vehicle (EV) and energy storage system (ESS) sectors.

The INR 1,000 crore fundraise places GFCL EV at a commanding INR 25,000 crore equity valuation. The round was spearheaded by INOXGFL Group promoters, alongside a consortium of marquee investors and leading Indian family offices. This influx of capital closely aligns with the broader group’s strategic investment roadmap, heavily backing clean energy transitions and advanced fluoropolymer chemicals to secure a sustainable future.

Commenting on the development, Devansh Jain, Executive Director of INOXGFL Group, stated, “This investment marks a pivotal moment for GFCL EV as we transition from building world-class infrastructure to large-scale commercialization. We are proud to lead India’s charge in becoming a global powerhouse for EV battery materials.”

The capital will fast-track GFCL EV’s fully integrated manufacturing capabilities, which boast backward integration into anhydrous hydrogen fluoride (AHF), lithium fluoride (LiF), and captive fluorspar. The product portfolio is comprehensive, featuring critical materials such as Lithium Hexafluorophosphate (LiPF6), specialized electrolyte salts, fluoropolymers (PVDF), cathode active materials, and cathode binders. GFCL EV has already commenced the sampling and validation process with several global customers and expects to begin commercial sales by Q4 FY25. Crucially, these operations are scaling toward ambitious annual targets, aiming to supply up to 200 GWh of equivalent cell capacity to the global market.

With global lithium battery demand projected to explode from 1,100 GWh to between 5,000 and 6,000 GWh by 2030, the market significance of localized, secure material production cannot be overstated.

“Our integrated approach provides a significant competitive advantage in terms of cost and sustainability,” said Dr. Bir Kapoor, CEO and MD of Gujarat Fluorochemicals. “By localizing the entire value chain, we are ensuring supply chain resilience for our partners while adhering to the highest environmental standards.”

GFCL EV is executing a clear roadmap, with its cutting-edge facility in Jolva, Gujarat, currently undergoing phased commissioning. The company is strategically positioned to benefit from global supply chain diversification efforts, particularly in light of the US Inflation Reduction Act (IRA), which incentivizes the sourcing of battery materials from non-prohibited entities. Beyond forging vital partnerships with domestic OEMs, the strategic outlook heavily prioritizes capturing a substantial share of the estimated USD 300 billion global EV battery chain opportunity by 2030, with a sharp export focus on the US and European markets.