Indian battery and supercapacitor maker Godi India has wrapped up a series B investment round, which sees Graphite India take a 31% stake. It is one of the world’s largest producers of graphite electrodes.
The investment will help both companies develop advanced cell and materials manufacturing, according to Godi.
In a statement to the Bombay Stock Exchange on Monday, Graphite India said its cash consideration of Rs. 50 Crores ($6 million) for shares results in a 31% shareholding in Godi (fully diluted).
Venture capital fund Blue Ashva Capital backs Godi. It makes batteries for electric vehicles and supercapacitor-based energy storage systems. It also manufactures high power density lithium-ion batteries and has developed expertise in advanced technologies such as sodium-ion and solid-state batteries.
Its technologies include Aqueous Electrode Processing, Active Dry Coating and Pranic Binder, which it said are environment-friendly and carbon-neutral processes.
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.”
Mahesh Godi, founder and director of Godi India said: “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.”