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					</table><p>Graphite India (<a href="https://www.graphiteindia.com/" target="_blank" rel="noopener">GIL</a>), a graphite electrode manufacturer, has entered into a definitive transaction to invest ₹500 million (~$6 million) in compulsory convertible preference shares of <a href="https://www.godienergy.com/" target="_blank" rel="noopener">GODI India</a>, a battery technology company.</p>
<p>GODI India, backed by <a href="https://www.blueashvacapital.com/" target="_blank" rel="noopener">Blue Ashva Capital</a>, specializes in advanced chemistry research and development to support the manufacturing of sustainable batteries for electric vehicles (EVs) and supercapacitor-based energy storage systems.</p>
<p>The investment would provide Graphite India with a 31% equity shareholding in GODI on a fully diluted basis.</p>
<p>With a focus on high-power density lithium-ion batteries, GODI claims to have expertise in emerging technologies like sodium-ion and solid-state batteries.</p>
<p>The company’s technology portfolio includes environmentally friendly and carbon-neutral processes.</p>
<p>The global surge in EV sales and the growing demand for energy storage systems underscore the attractive industry dynamics for battery cell and supercapacitor production.</p>
<p>Ashutosh Dixit, Executive Director of Graphite India, said, “This move is part of Graphite India’s strategy to diversify into advanced battery and energy storage systems technologies. GODI India&#8217;s leadership in developing various battery technologies aligns with our commitment to technological innovation and growth, marking a significant step towards creating a diversified business portfolio.”</p>
<p>Founder and Director of GODI India Mahesh Godi, said, “Our battery materials and components, developed through environmentally friendly processes, cater to the dynamic electric vehicle and consumer electronics markets.”</p>
<p>“Additionally, our supercapacitors find applications in regenerative energy storage systems across various industries. We welcome this strategic partnership with Graphite India for their expertise in carbon and electrode manufacturing and their perspectives on synergistic technologies,” Godi added.</p>
<p>Graphite India has a production capacity of 98,000 MT per annum across three facilities in India and Germany. The company is expanding its presence in value-added graphite products for diverse industries such as automotive, aerospace, chemical, pharmaceutical, metallurgical, and machine tools.</p>
<p>With a total renewable energy capacity of 18 MW, Graphite India aims to increase it to 37 MW by March 2024.</p>
<p>The government of India recently <a href="https://www.mercomindia.com/government-cost-for-critical-mineral-exploration" target="_blank" rel="noopener">announced</a> a 25% incentive on the approved project cost for exploration agencies to encourage private parties&#8217; mining of critical minerals. India has also identified 30 critical minerals, including graphite, lithium, and cobalt, which can be converted into material used in clean energy technologies.</p>
<p>Recently, China’s Ministry of Commerce <a href="https://www.mercomindia.com/china-curbs-export-graphite-ev-batteries" target="_blank" rel="noopener">announced</a> ‘temporary’ export control of sensitive graphite products, including highly sensitive spheroidized graphite, primarily used in EV batteries. The move, it said, was to ensure the stability and security of the global supply chain and safeguard national interests.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
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<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Graphite India Forays into Battery Tech with ₹500 Million Investment in GODI

<p>Hyderabad-based energy technology company <a href="http://www.godienergy.com/" target="_blank" rel="noopener">GODI India</a> has raised funds from <a href="http://www.blueashvacapital.com/" target="_blank" rel="noopener">Blue Ashva Capital</a> through its Blue Ashva Sampada Fund. The company will use the funds to set up supercapacitor and lithium-ion (Li-ion) cell manufacturing facilities in India.</p>
<p>Blue Ashva Capital is an investment firm based out of Singapore and India, backing sustainable and profitable businesses that solve challenges in food and agriculture, energy and environment, health and wellness, and money and finance.</p>
<p>To commercially manufacture advanced lithium-ion cells and supercapacitors, GODI Energy has a team of scientists, engineers, and industry experts from around the world with expertise in electrochemistry, material science, thermal engineering, and advanced manufacturing.</p>
<p>The company noted that as of 2021, the demand for lithium-ion cells in India stands at 10 GWh. This demand is expected to reach 800 GWh by 2030. To meet the demand, battery pack and electric vehicle (EV) operators are currently importing cells from abroad.</p>
<p>These cells, however, have concerns related to performance, safety, and cost according to the company.</p>
<p>Moreover, it said that during sea shipping under uncontrolled storage conditions, these cells often suffer from electrolyte leakage. Such damages lead to corrosion, increased internal resistance, and safety concerns.</p>
<p>The firm also stressed that it would tackle traditionally challenging issues related to lack of technical know-how in cells being manufactured locally by innovating across all the verticals of energy technology and address issues related to the supply chain.</p>
<p>&#8220;As India moves towards carbon neutrality and mass adoption of EVs, it is crucial to becoming an energy-independent nation. We have bold aspirations to lead the charge in this energy revolution, and this investment from Blue Ashva Capital is a major step in this direction,&#8221; said Mahesh Godi, Founder and CEO of GODI Energy.</p>
<p>Commenting on the investment, Satya Bansal, Founder, Blue Ashva Capital, said, &#8220;A spree of EV start-ups today have either launched their own vehicles or built a service layer on top. However, the key challenge remains the lack of control at the cell level. We are encouraged to see the work GODI Energy is doing on indigenous technology innovation in the battery cell technology space.&#8221;</p>
<p>Last month, Blue Ashva Capital had provided ₹330 million (~$4.52 million) in a &#8216;Series A&#8217; round to Pune-based biofuel company <a href="http://www.greenjoules.in/" target="_blank" rel="noopener">Greenjoules</a>.</p>
<p>According to Mercom Capital Group’s latest report, <a href="https://mercomcapital.com/product/1h-q2-2021-funding-ma-report-storage-grid-efficiency/" target="_blank" rel="noopener">1H and Q2 2021 Funding and M&amp;A Report for Storage, Grid, and Efficiency</a>, global VC funding in battery storage companies stood at $4.4 billion in 33 deals in 1H 2021, a 720% rise compared to $536 million in 14 deals in the same period last year. A total of 106 VC investors participated in battery storage funding in 1H 2021.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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GODI Energy Raises Funds from Blue Ashva to Set Up Supercapacitor & Li-ion Cell Facility

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