Gujarat Fluorochemicals (GFL), the flagship company of the InoxGFL group, has chosen to invest 4500-5000 crore in EV batteries, solar panels, hydrogen fuel cells, and electrolyzers over the next three years.
GFL’s Dahej integrated battery chemicals complex is approaching completion.
The first phase will create LiPF6, a critical electrolyte salt used in the production of lithium-ion batteries, with an initial capacity of 1,800 tonnes per year.
It will begin manufacturing in the next 40-60 days, according to Devansh Jain, Group Executive Director of InoxGFL Group and son of Group Chairman Vivek Jain. As demand for lithium-ion batteries grows, the capacity will be increased in two stages over the next three to four years.
“This will be in addition to the 2,500 crore we invested in improving various capacities and establishing new facilities in GFL over the last 2-3 years.” The global EV battery chain opportunity is expected to be $300 billion by 2030. “As the first movers in India, we can compete with any global player,” adds Devansh Jain. Over the next few years, a dozen firms plan to establish EV battery manufacturing plants in India.
GFL intends to produce PVDF electrode binders (an essential material in the production of higher-performance lithium-ion batteries), battery chemicals, LiPF6, additives, and electrolyte formulations from the integrated battery complex in the EV battery segment. PVDF grades for cathode binder applications have already been created by GFL. For supplies in India and around the world, the firm is in talks with both battery manufacturers and vehicle OEMs. GFL is constructing India’s first PVDF Film factory for solar panels, which will be operational in the coming fiscal year. GFL has integrated PVDF manufacturing facilities, and PVDF-based back-sheets are used in solar panels. PVDF film is one of the most important raw materials used to create solar panels.
According to Devansh Jain, GFL has an inherent advantage in new fields such as green hydrogen.
Electrolyzers convert renewable energy sources such as wind and solar electricity into green hydrogen, and fluoropolymers are essential to their operation. Furthermore, proton exchange membranes (PEM) built on fluoropolymers are at the heart of fuel cells and electrolyzers. According to Devansh Jain, the business is developing its own PEMs to capitalise on the upcoming green hydrogen opportunity.
“GFL is well positioned to grow its revenues as a result of its significant exposure to new-age industries such as battery, solar, and green hydrogen.” It aims to double revenue in the next three years and keep an EBITDA margin of at least 30-35%, according to an ICICI Securities report.
