Lithium ion battery pack maker Battrixx to raise up to Rs 301cr
Date: 24 Dec 2021
board of Kabra Extrusion technik Ltd has discussed the raising of funds via
debt and equity for the expansion of its future technologies brand Battrixx.
Battrixx, part of Kabra Extrusion technik, provides advanced lithium-ion
battery packs with smart battery management systems to power the growth of
India’s transition to green energy storage and electric mobility.
promoters and other investors have shown the confidence to infuse more capital
in Battrixx, which will be used to further the growth of the brand in the
electric mobility sector. A total of Rs 101 crore will be raised initially
through issuance of warrants to promoters and foreign investors subject to
necessary approval of the members of the company and other regulatory
authorities, as maybe applicable.
funds will enable Battrixx to enhance its annual production capacity in phases
from existing 100,000 battery packs to 700,000 beyond FY24 to meet the growing
demand in electric vehicles industry and other energy storage applications. The
Board has also approved to raise necessary additional working capital upto Rs
200 crore from financial institutes
the fund, Battrixx will strengthen its leadership position and continue to
invest in newer technologies to manufacture batteries for electric vehicles and
other energy storage applications. The company aims to reach 2 GWh capacity
over the next 12-18 months.
Kabra, Vice Chairman & Managing Director, Kabra Extrusion technik, said:
“We are upbeat about the business, especially what we are doing in the electric
vehicle (EV) space. We have clear goals and will use the funds to enhance
capacity, upgrade machinery and further research and development. We look
forward to being part of the EV revolution.”
lithium-ion battery market size in India is estimated to increase from 2.9 GWh
in 2018 to 800 GWh by 2030. Globally, as per Fortune Business Insights the
electric vehicle battery market size [2021-2028] is to reach USD 154.90 billion
in 2028 at a CAGR of 28.1% in the 2021-2028 period. In India, the Central
Government has approved Phase-II of its FAME Scheme with an outlay of Rs 10,000
crore over three years starting April 1, 2019, with 86% of the budget allocated
for incentives to create a demand for electric vehicles.