GFCL EV Products Ltd (GFCL EV), a wholly owned subsidiary of leading Indian chemical company, Gujarat Fluorochemicals Ltd (GFL), has announced an investment of a whopping INR 6000 crore (₹60 billion) over the next 4-5 years to enable the global supply of ~ 200GWh EV and energy storage system (ESS) battery solutions.
GFL has already invested approximately INR 650 crore of the total investment till December 31, 2023, with GFCL EV poised to enter EV and ESS battery high-demand regions of the US, Europe, and India, GFL stated in a Stock Exchange filing.
"With GFCL EV, we are well-positioned to contribute significantly to the evolving landscape of energy transition driven by EV/ESS. Backed by the rich and long experience of GFL and an integrated value chain GFCL EV will have synergistic and competitive advantages towards developing cutting-edge solutions," said Dr. Bir Kapoor, CEO of Gujarat Fluorochemical Ltd.
"We envision a world where innovation meets sustainability, and our foray into the battery supply chain is a testament to this commitment," Kapoor added.
The global opportunity for the EV battery supply chain is estimated to reach $300 billion by 2030. Further, with India's push for EV adoption and domestic battery manufacturing, the latest move is expected to help mitigate not only the high cost associated with imported batteries but also help reduce reliance on imports for key battery materials positioning GFCL EV at the forefront of India's electric mobility and energy transition.
GFCL EV's current product portfolio includes electrolyte salts LiPF6, additives, electrolyte formulations, cathode active materials such as LFP, and cathode binders such as PVDF and PTFE along with specialized offerings of NaPF6 for sodium-ion batteries and proprietary additives for fast charging.
Along with the announcement of investment, GFCL announced the commencement of LiPF6 project set to cater to global demand for EV and ESS battery supply chain.
"The LFP project is anticipated to be operational by Q3 of CY 24, thereby catering to 30% of Lithium-ion battery (LiB) value, making it one of the few companies globally to provide such a comprehensive range of products for EV batteries under one roof and solidify its position as an industry frontrunner," GFL stated.
GFCL EV's commercial plant for the LiPF6 Project has already achieved commercial production and the validation process well in advance before the commencement of sales.
"GFL's visionary investment and unwavering commitment to innovation highlight our 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," said Vivek Jain, Chairman of INOXGFL Group.
Note: An earlier version of this story incorrectly referred to the amount as $60 billion instead of ₹60 billion. The error has been rectified.
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