 "battery")
GFCL EV Products, a wholly-owned subsidiary of Gujarat Fluorochemicals, on Wednesday announced an investment of Rs 6,000 crore to ramp up production capacity of electric vehicle (EV) battery materials in the next four-five years.
The company’s aim is to establish a pioneering ecosystem for electric mobility by delivering approximately 200 GWh/year of EV and energy storage system (ESS) battery solutions.
The investment will empower the company to cater to the high demand from the US, Europe and India.
The company said the demand peaked due to the government’s policies such as the IRA Act, China Plus One strategy, and the production-linked incentive (PLI) scheme.
“These markets form the cornerstone of GFL's growth strategy and align seamlessly with the company's vision for sustainable and innovative solutions,” the company said.
Also Read
Vivek Jain, chairman of INOXGFL Group, said the investment highlights its pivotal role in shaping the future of the EV and ESS battery industry.
“The significant investment in the EV/ESS battery chemicals supply chain underscores our dedication to driving innovation in the electric mobility sector and energy transition. As leaders, our objective extends beyond mere market prominence. We aspire to be pioneers in sculpting a cleaner and environmentally sustainable tomorrow. This resonates with our ethos of being a green group with expanding businesses in the renewables sector,” Jain said.
Of the Rs 6,000-crore investment, the company has already invested Rs 650 crore by December 2023, the statement said. A part of this investment is expected to be made at Dahej in South Gujarat.
The company is banking on the global opportunity for the EV battery chain, which is estimated to reach $300 billion by 2030.
In the domestic context, GFL's foray into the EV segment is pivotal, as the industry is expected to grow at a compound annual growth rate (CAGR) of around 30 per cent between 2022 and 2030, the company said.
