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New Delhi: Graphite India Limited, one of the largest producers of graphite electrodes globally, has entered into a definitive transaction with a cash consideration of INR 50 crore for an investment in compulsory convertible preference shares of Godi India Private Ltd, which on a fully diluted basis will provide an equity shareholding of 31% in the company, the company said in a press release.
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 ProcessingTM, Active Dry CoatingTM and Pranic BinderTM 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, the company said.
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,” he added.
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.”
