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Graphite India Ltd. — Capital/Financing Update 2023
Dec 4, 2023
61160_rns_2023-12-04_b4be1510-05fd-4aaa-9e0e-dff7919a0309.pdf
Capital/Financing Update
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For Immediate Release
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Graphite India acquires a 31% shareholding in Godi India for Rs. 50 Crores Strategic entry into advanced battery technologies and energy storage systems Focus on fast evolving global electric vehicle battery market and supercapacitor applications
Kolkata, India, December 4, 2023 – Graphite India Limited (“Graphite India” or the “Company”, BSE: GRAPHITE; NSE: 509488), one of the largest producers of graphite electrodes globally, has entered into a definitive transaction with a cash consideration of Rs. 50 Crores for an investment in Compulsory Convertible Preference Shares of GODI India Private Ltd (“GODI India”), which on a fully diluted basis will provide an equity shareholding of 31% in the company.
GODI India, which is currently backed by Blue Ashva Capital, a venture capital fund, is engaged in advanced chemistry R&D to support the manufacturing of sustainable batteries for electric vehicles and supercapacitor based energy storage systems. In addition to high power density Lithium ion batteries, GODI India has developed technical expertise in advanced technologies such as Sodium ion and Solid State batteries.
GODI India’s technologies include Aqueous Electrode Processing[TM] , Active Dry Coating[TM ] and Pranic Binder[TM] which are environment friendly and carbon neutral processes. It is a signatory to The Climate Pledge co-founded by Amazon and Global Optimism in 2019 as a commitment to reach net-zero carbon by 2040.
Significant growth in electric vehicle sales and the increasing demand for energy storage systems are underpinning the attractive industry dynamics for the production of battery cells and supercapacitors. GODI India is strategically positioned to capitalise on this opportunity.
Commenting on the investment, Mr. Ashutosh Dixit, Executive Director of Graphite India, said:
“We are delighted to announce Graphite India’s strategic investment in GODI India, as part of its strategy to diversify into advanced battery and energy storage systems technologies. GODI India is leading the development of Lithium ion, Sodium ion and Solid State batteries for electric vehicles and consumer electronics for Indian and global markets. This strategic move reaffirms Graphite India’s commitment towards technological innovation and growth, which is a significant step for creating a diversified business portfolio.”
Commenting on the development, Mr. Mahesh Godi, the Founder and Director of GODI India said:
“Over the years, GODI India’s team of seasoned scientists and manufacturing experts have successfully developed all the essential battery materials and components using environmentally friendly processes. Our battery product applications focus on the high growth, dynamic electric vehicle and consumer electronics markets. In addition, GODI India has also developed supercapacitors for a wide range of regenerative energy storage systems for industries including automobiles, trains, telecom towers and power transmission grids. As a testament to our R&D capabilities, the company received India’s first Bureau of Indian Standards (BIS) certification for in-house developed electric vehicle battery cells. We welcome this strategic partnership with Graphite India not just for their long standing expertise in carbon and electrode manufacturing, but also for their perspectives on other synergistic technologies.”
For Immediate Release
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About Graphite India
Graphite India is one of the largest producers of graphite electrodes globally. Its manufacturing capacity of 98,000 MT per annum is across three plants at Durgapur and Nashik in India and Nurnberg in Germany. It is enhancing its presence in value added graphite products for the automotive, aerospace, chemical, pharmaceutical, metallurgical and machine tool industries. The Company also has facilities designed for the manufacture of impervious graphite equipment. Graphite India has a total renewable power capacity of 18 MW and has planned to increase this to 37 MW by end of March 2024. Being committed to the advancement of carbon technology, Graphite India, through a subsidiary, has progressively acquired a 60.12% stake in General Graphene Corporation, a US based company which has developed a breakthrough proprietary technology which would allow the production of large area, high-quality, low-cost graphene sheets in industrial applications in scaled up commercial volumes.
Media Enquiries
| M.K. Chhajer | +91 33 40029604 |
|---|---|
| Graphite India Limited | [email protected] |
| Anvita Raghuram | +91 22 6169 5988 |
| Churchgate Partners | [email protected] |
Disclaimer
This press release contains statements that contain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Graphite India’s future business developments and economic performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks, uncertainties and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macroeconomic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors that could affect our business and financial performance. Graphite India undertakes no obligation to publicly revise any forward-looking statements to reflect future / likely events or circumstances.