GFCL EV Products, a manufacturer of intermediate materials for lithium-ion batteries and a part of INOXGFL Group, raised ₹10 billion (~$118.9 million) at an equity valuation of ₹250 billion (~$2.9 billion).

The promoters of the INOXGFL Group led the fundraising round along with several marquee investors, including the family offices of several business groups in India.

The funds will be used to meet the company’s CAPEX requirements as it seeks to capitalize on global opportunities in the electric vehicles (EV) and energy storage systems (ESS) sectors.

With the newly raised funds and diversified battery materials offerings, the company aims to capitalize on the opportunities arising from the U.S. Inflation Reduction Act and the strategic diversification globally of supply chains away from a single origin country.

GFCL EV Products offers a range of battery material products catering to the EV and energy storage system ecosystem, capitalizing on the significant global energy transition opportunity. It has fully integrated manufacturing capabilities with backward integration into AHF, LiF, and captive fluorspar.

The company said the global opportunity for the EV battery chain is estimated to reach $300 billion by 2030. The projected increase in the global lithium battery demand from ~ 1100 GWh to 5000-6000 GWh by 2030 will lead to significant demand for the battery materials that GFCL EV caters to.

INOXGFL Group’s renewable power generation platform, IGREL Renewables, also raised ₹3 billion (~$35.8 million) in equity capital from prominent investors. The capital infusion will support IGREL Renewables’ expansion of its renewable energy portfolio in September.

In September, Inox Wind (IWL) announced that the board of its subsidiary Resco Global Wind Services (Resco Global), an engineering, procurement, and construction solutions provider, has approved a proposal to raise ₹3.5 billion (~$41.7 million) by selling a single-digit equity stake to marquee investors.