GFCL EV, a subsidiary of Gujarat Fluorochemicals Ltd. (GFL), has secured a successful raise of Rs 1,000 crore from investors in an equity round by pegging the valuation of the company at around Rs 25,000 crore. A raise of Rs 1,000 crore was announced on 23rd October and led by INOXGFL Group and top family offices of the respective business groups. Funding will be seen to be facilitated in expanding GFCL EV into the electric vehicle (EV) battery chemicals sector and the energy storage systems market.

The proceeds are directed to scale up the production capacity and capture an opportunity in an emerging global EV and energy storage market. GFCL EV is preparing to be one of the key suppliers to leading automotive OEMs around the globe.

Speaking on the growth prospects in the battery materials business, Executive Director of INOXGFL Group Devansh Jain stated it forms one of the most crucial categories to propel advance EV and ESS technologies. Bir Kapoor, Deputy Managing Director and CEO of GFL, emphasized early entry into the battery materials market and strong capabilities in place, ready for a highly significant growth trajectory.

Sales from GFCL EV would be generated commercially during the fourth quarter this year. The company believes that the sector holds enormous long-term opportunity for it. GFL stock rose by 27% over the last month as speculations over funding plans by the company worked in its favor.