GFCL EV secures additional USD 80 million, total funding reaches USD 130 million

GFCL EV, a subsidiary of Gujarat Fluorochemicals Limited (GFL), has announced an additional fund raise of approximately USD 80 million from a global marquee investor. This is in addition to approximately USD 50 million previously raised from the International Finance Corporation (IFC), a member of the World Bank Group, taking the total capital raised to USD 130 million. GFCL EV operates a manufacturing facility in Jolva, Gujarat.

According to the company, the capital raised will be used to support manufacturing, job creation, participation in supply chains, and initiatives related to energy security, transport electrification, and domestic value creation.

GFCL EV stated that it plans to expand its presence in the battery materials value chain in India. The company said the funding will support clean-technology adoption and emission reduction efforts.

The company’s manufacturing operations in India include integrated capabilities for battery chemicals with backward integration into key raw materials. Its current product portfolio for the electric vehicle and energy storage sectors includes:

• Battery chemicals, including electrolyte salt LiPF6, electrolyte formulations, and additives

• Cathode active materials (LFP)

• Binders, including PVDF and PTFE

Commenting on the development, Vivek Jain, Chairman, INOXGFL Group, said, “We are delighted to welcome another marquee investor after IFC as our partner in GFCL EV. This round of financing further reinforces our vision for a greener future supported by IFC’s global expertise and commitment to sustainable development, aiding in accelerating India’s energy transition. These partnerships underline our leadership in battery materials and shall create long term sustainable value for existing shareholders.”

Bir Kapoor, DMD and CEO, Gujarat Fluorochemicals Ltd. said, “Together we have achieved Capital raise of 130 million USD, which will enable us to scale up our manufacturing capacity for advanced battery materials strengthening our position in the global supply chain.”

Barclays acted as the exclusive financial advisor to GFCL EV for the transaction.

Also read: GFCL EV to invest INR 6000 crore in LiPF6 project for battery supply chain