To meet the growing demand in the EV industry and other energy storage applications, the company aims to increase its annual production capacity from the current 1 lakh battery packs to 7 lakh by the end of FY24.
see photosThe company aims to reach 2 GW capacity in the next 12-18 months.
The Board of Kabra ExtrusionTechnical Ltd. today announced that it intends to raise funds to expand its brand – Batrix, which provides advanced lithium-ion battery packs with smart battery management systems. A total of ₹ 101 crore will be raised initially through issuance of warrants to promoters and foreign investors, subject to necessary approvals from the company’s members and other regulatory authorities, as applicable. With this fund, the company aims to increase its annual production capacity in phases from 1 lakh battery packs to 7 lakh by the end of FY24 to meet the growing demand in the EV industry and other energy storage applications.
Read also: Battrix launches dual power electric vehicle Smart Battery in India
The Board has also approved raising necessary additional working capital up to ₹200 crore from financial institutions. With this funding, the company will strengthen its leadership position and continue to invest in new technologies to manufacture batteries for EVs and other energy storage applications. The company aims to reach 2 GW capacity in the next 12-18 months.
Anand Kabra, Vice Chairman and Managing Director, Kabra ExtrusionTechnic
Anand Kabra, Vice President and Managing Director, Kabra ExtrusionTechnica, said, “We are excited about the business, especially what we are doing in the electric vehicle (EV) space. We have clear goals and funds to increase capacity, upgrade machinery and further research and development. We look forward to being a part of the EV revolution.”
Adding to the announcement, Kabra shared, “Battrix has cultivated a strong relationship set of large global players as repeat customers and suppliers. We are looking to expand based on the increasing amount of interest we receive for our products. In this move with Batrix, leverage its expertise in innovation, capital-ready and experience to help India move into a new, greener clean future with its sustainable, energy solutions wants.”
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The size of the lithium-ion battery market in India is projected to grow from 2.9 GWh in 2018 to 800 GWh by 2030. Globally, the size of the electric vehicle battery market is expected to reach USD 154.90 billion in 2028 at a CAGR of 28.1% in 2028. The period of -2028 according to Fortune Business Insights. In India, the central government has approved Phase-II of its FAME scheme with an outlay of ₹10,000 crore over three years starting April 1, 2019, with 86 per cent of the budget to generate demand for Electric Vehicles (EVs). allocated for incentives. ,
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