GFCL EV raises funds of ₹1,000 crore for the company’s capital expenditure. Gujarat Fluorochemicals Ltd (GFL), a part of the INOXGFL Group, announced that its subsidiary, GFCL EV Products Ltd (GFCL EV), raised ₹1,000 crore, securing an equity valuation of ₹25,000 crore. The fundraising effort was led by INOXGFL Group promoters, alongside several prominent investors, including family offices from some of India’s leading business conglomerates.

The company operates in the electric vehicle (EV) and energy storage system (ESS) sectors, providing essential materials such as battery salts, additives, electrolytes, cathode active materials, and cathode binders.

GFCL EV raises funds which will be utilized for capital expenditure as the company scales operations to seize significant global opportunities in the EV and ESS battery industries. GFCL EV’s production facility, located in Jolva, Gujarat, is currently being commissioned in phases.

With fully integrated manufacturing capabilities, including backward integration into key materials like anhydrous hydrogen fluoride (AHF), lithium fluoride (LiF), and captive fluorspar, GFCL EV is positioned to capture a substantial market share in the global battery materials industry. As reported by pv-magazine-india.com, the company aims to be a preferred partner for EV and ESS battery manufacturers seeking a sustainable and reliable supply chain.

According to the company, GFCL EV’s diverse product portfolio and robust capabilities position it to leverage opportunities created by the US Inflation Reduction Act (IRA) and the global shift towards diversifying supply chains away from a single source country. The global EV battery supply chain market is expected to reach $300 billion by 2030, with the rising demand for lithium batteries projected to grow from 1,100 GWh to 5,000-6,000 GWh, driving significant demand for the materials GFCL EV specializes in.