Gujarat Fluorochemicals Ltd (GFL) has recently announced a staggering investment of INR 6000 crore ($60 billion) over the next 4-5 years through its subsidiary, GFCL EV Products Ltd (GFCL EV). The main objective of this investment is to facilitate the global supply of approximately 200GWh EV and energy storage system (ESS) battery solutions.
By December 31, 2023, GFL has already allocated around INR 650 crore of the total investment. GFCL EV is planning to enter the high-demand markets for EV and ESS batteries in the US, Europe, and India.
Dr. Bir Kapoor, the CEO of Gujarat Fluorochemicals Ltd, expressed that GFCL EV is in a unique position to develop cutting-edge solutions due to GFL’s extensive experience and integrated value chain.
The global EV battery supply chain has the potential to reach a whopping $300 billion by 2023. This strategic investment by GFCL EV aims to reduce the high costs associated with importing batteries and decrease reliance on imported battery materials. As a result, GFCL EV is poised to lead India’s electric mobility and energy transition.
GFCL EV’s current product portfolio includes a wide range of offerings, such as electrolyte salts LiPF6, additives, electrolyte formulations, cathode active materials like LFP, and cathode binders. They also provide specialized solutions like NaPF6 for sodium-ion batteries and proprietary additives for fast charging.
Accompanying the investment announcement, GFCL highlighted the commencement of the LiPF6 project, which is set to be operational by the third quarter of CY 24 and will cater to 30% of the Li-ion battery value. This solidifies GFCL EV’s position as an industry leader that offers a comprehensive range of EV battery products.
Vivek Jain, Chairman of INOXGFL Group, emphasized that with GFL’s visionary investment and commitment to innovation, GFCL EV will remain at the forefront of the EV and ESS battery industry. This investment underscores their dedication to driving innovation in the electric mobility sector and energy transition.
In conclusion, Gujarat Fluorochemicals Ltd’s significant investment in EV and energy storage solutions through GFCL EV showcases their influential role in shaping the future of the industry. Their commitment to innovation and sustainability positions them as a frontrunner in the electric mobility and energy transition sectors.
The source of the article is from the blog agogs.sk