Hyderabad: Graphite India, a producer of graphite electrodes, has entered into a definitive transaction with a cash consideration of Rs.50 crore for an investment in compulsory convertible preference shares of Hyderabad-based EV battery maker Godi India. On a fully diluted basis, it will provide an equity shareholding of 31 per cent in the company.
Godi India, which is backed by the venture capital fund Blue Ashva Capital, is engaged in advanced chemistry R&D to support the manufacturing of batteries for electric vehicles and supercapacitor-based energy storage systems. It has developed technical expertise in advanced technologies such as sodium ion and Solid State batteries.
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.
“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 is leading the development of lithium ion, sodium ion and solid-state batteries for electric vehicles and consumer electronics for Indian and global markets,” said Ashutosh Dixit, executive director of Graphite India.
“Godi India’s team of scientists and manufacturing experts have successfully developed 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 has also developed supercapacitors for regenerative energy storage systems for industries including automobiles, trains, telecom towers and power transmission grids. We welcome this partnership with Graphite India for their expertise in carbon and electrode manufacturing and for their perspectives on other synergistic technologies,” said Mahesh Godi, founder and director of Godi India.
