GFCL EV's ₹6,000 Crore Investment Fuels EV & ESS Revolution

GFCL EV Products Ltd (GFCL EV), a subsidiary of Gujarat Fluorochemicals Ltd (GFL), has announced a significant investment plan of ₹6,000 crore over the next four to five years. This investment initiative, with a portion designated for development in Dahej, South Gujarat, aims to enhance the production capacity of electric vehicle (EV) and Energy Storage System (ESS) battery solutions, targeting an annual output of approximately 200 GWh.

An official release stated that a portion of the proposed ₹6,000-crore investment has already been utilized, with ₹650 crore injected into the venture by December 31, 2023. Vivek Jain, Chairman of INOXGFL Group, expressed confidence in GFL's progressive investment strategy, highlighting their contribution to shaping the future of the EV and ESS battery industry. Jain emphasized the group's dedication to innovation and environmental sustainability, underlining their ambition to drive advancements in the electric mobility sector and energy transition.

GFCL EV's current product portfolio includes a diverse range of offerings, such as electrolyte salts, additives, cathode active materials, and specialized binders for EV batteries, as well as NaPF6 for sodium ion batteries. Notable achievements include the initiation of commercial production for the LiPF6 project and the forthcoming operational launch of the LFP project by Q3 of CY24, positioning GFCL EV as a comprehensive provider of EV battery solutions.

This strategic initiative not only tackles challenges like the high cost of EV batteries but also diminishes dependency on imported critical battery raw materials, solidifying GFL's significant role in India's electric mobility revolution and energy transition, according to the release.

News By Rahul Yelligetti