Graphite India Limited 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 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.
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.”