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Graphite India invests Rs 50 cr in Godi India for advanced battery technologies
Industry News- Dec 06,23
The company has acquired technical expertise in cutting-edge technologies like sodium-ion and Solid-State batteries.
Graphite India, a leading producer of graphite electrodes, has finalised a transaction involving a cash consideration of Rs 50 crore to invest in compulsory convertible preference shares of Godi India, an EV battery manufacturer based in Hyderabad. This investment, on a fully diluted basis, will confer a 31% equity shareholding in Godi India.
Godi India, supported by the venture capital fund Blue Ashva Capital, focuses on advanced chemistry research and development to facilitate battery manufacturing for electric vehicles and supercapacitor-based energy storage systems. The company has acquired technical expertise in cutting-edge technologies like sodium-ion and Solid-State batteries.
The burgeoning electric vehicle market and the rising demand for energy storage systems underscore the favourable industry dynamics for battery cell and supercapacitor production.
Graphite India's Executive Director, Ashutosh Dixit, expressed enthusiasm about the strategic investment, stating it aligns with the company's strategy to diversify into advanced battery and energy storage system technologies. He highlighted Godi India's leadership in developing lithium-ion, sodium-ion, and solid-state batteries for global markets.
Mahesh Godi, Founder and Director of Godi India, emphasised the successful development of environmentally-friendly battery materials and components by their team of scientists and manufacturing experts. Godi India's battery applications target the rapidly growing electric vehicle and consumer electronics markets. Additionally, the company has ventured into supercapacitors for regenerative energy storage systems in various industries such as automobiles, trains, telecom towers, and power transmission grids. Mahesh Godi welcomed the partnership with Graphite India, acknowledging their expertise in carbon and electrode manufacturing, as well as their insights into synergistic technologies.
Source: Deccan Chronicle
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