Lithium ion battery pack maker Battrixx to raise up to Rs 301cr

Date: 24 Dec 2021

The 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.

The 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.

These 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

With 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.

Anand 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.”

The 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.

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