Battrixx, a provider of advanced lithium-ion battery packs with smart battery management systems, would be raising funds via debt and equity for future growth and expansion. The board of Kabra Extrusiontechnik, the parent company of Battrixx, announced this move with an aim to power the growth of India’s transition to green energy storage and electric mobility.
Initially, INR 101 crore will be raised 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. Through this investment, Battrixx would enhance its annual production capacity in phases from existing 100,000 battery packs to 700,000 by end of FY24.
Thereafter, the board further approved raising additional working capital up to INR 200 crore from financial institutes.
Over the next 12-18 months, the company aims to reach 2 GWh capacity, said the company, which aims to continue to invest in newer technologies to manufacture batteries for electric vehicles and other energy storage applications.
Anand Kabra, Vice Chairman & Managing Director, Kabra Extrusiontechnik said the company is upbeat about the business, especially what it is doing in the 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. We decided to go in for the expansion based on the increasing amount of interest that we have received for our products. With this move, Battrixx looks to leverage its expertise in innovation, capital-readiness and experience to help India step into a new, green clean future with its sustainable, energy solutions,” he said.