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					</table><p>GFCL EV Products, a subsidiary of Gujarat Fluorochemicals (<a href="https://gfl.co.in/" target="_blank" rel="noopener">GFL</a>), has secured an investment of ~$50 million (~₹4.5 billion) from the International Finance Corporation (<a href="https://www.ifc.org/en/home" target="_blank" rel="noopener">IFC</a>) to develop an integrated battery material facility.</p>
<p>The funding is being raised through subscription of compulsorily convertible instruments.</p>
<p>GFCL EV has fully integrated manufacturing capabilities for battery chemicals, with backward integration into key raw materials, and its product portfolio caters to both the electric-vehicle and energy-storage sectors.</p>
<p>The facility will be able to manufacture the electrolyte salt lithium hexafluorophosphate, electrolyte formulations, and additives for enhanced performance. Its product portfolio will also include cathode active materials and binders such as polyvinylidene fluoride and polytetrafluoroethylene.</p>
<p>IFC said that investment is part of its efforts to strengthen India’s e-mobility value chain and advance the ‘Make in India’ initiative.</p>
<p>The facility is expected to be the first‑of‑its‑kind greenfield battery manufacturing facility and build the capabilities India needs to play a larger role in high‑value components worldwide.</p>
<p>GFL is a producer of fluoropolymers, fluorochemicals, and battery materials. It is part of the ~$18 billion (~₹1.62 trillion) INOXGFL Group, which is primarily focused on two business verticals—chemicals and renewable energy.</p>
<p>In September 2025, Inox Solar, a subsidiary of INOXGFL, partially <a href="https://www.mercomindia.com/inox-solar-commissions-1-2-gw-solar-module-capacity-in-gujarat" target="_blank" rel="noopener">commissioned</a> 1.2 GW of its 3 GW solar module manufacturing plant in Bavla, Ahmedabad, Gujarat. The manufacturing plant was established in four months. In the next phase, Inox plans to add 1.8 GW of module manufacturing capacity at the plant.</p>
<p>According to India’s Energy Storage Landscape 1H 2025 Report by Mercom Research, India <a href="https://www.mercomindia.com/india-added-48-4-mwh-of-energy-storage-capacity-in-1h-2025" target="_blank" rel="noopener">added</a> 48.4 MWh of energy storage capacity in the first half of 2025, a 74% decline from 186 MWh added in the same period last year. India’s cumulative installed energy storage capacity reached 490 MWh by the end of June 2025. As of June 2025, India had about 13.7 GWh of standalone battery storage under development.</p>


Inox GFL Secures $50 Million Funding from International Finance Corporation

<p><strong>Adden Energy, a solid-state battery developer for electric vehicles, </strong><a href="https://cms.mercomindia.com/adden-energy-secures-15-million-in-series-a-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $15 million in Series A funding</strong>. The funding round was led by At One Ventures with participation from Primavera Capital Group, Rhapsody Venture Partners, and MassVentures. The company plans to use the funding to expand its lithium-metal solid-state batteries in pouch cell form factors to become more commercially accessible to EVs.</p>
<p><strong>MobilityPlus, a company that provides charging solutions for electric vehicles (EV), has </strong><a href="https://cms.mercomindia.com/ev-charging-platform-mobilityplus-receives-43-million-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €40 million (~$43 million) in funding from Suma</strong> Capital through its Climate Impact Fund III, an Article 9 fund for European energy transition investments. Previous investors, such as Concentra, also participated in the funding. The funds will be used to expand its EV fleet charging portfolio and grow its charging network in Belgium and France.</p>
<p><strong>Solar module manufacturer Waaree Energies’ ₹43.21 billion (~$513.95 million) initial public offering (IPO) </strong><a href="https://www.mercomindia.com/waaree-energies-ipo-oversubscribed-76-times" target="_blank" rel="noopener"><strong>garnered</strong></a><strong> strong investor interest from institutional and retail buyers</strong>. At the end of the bidding window on October 23, 2024, the issue was oversubscribed 76 times. Priced between ₹1,865 (~$22.18) and ₹1,960 (~$23.31) per share with a lot size of seven shares, the IPO saw bids for 1.6 billion shares, significantly exceeding the 21.08 million shares on offer. According to data from the NSE, this resulted in a 76.34 times oversubscription.</p>
<p><strong>GFCL EV Products, a manufacturer of intermediate materials for lithium-ion batteries and a part of INOXGFL Group, </strong><a href="https://www.mercomindia.com/gfcl-ev-products-raises-%E2%82%B910-billion" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹10 billion (~$118.9 million) at an equity valuation of ₹250 billion (~$2.9 billion)</strong>. The promoters of the INOXGFL Group led the fundraising round along with several marquee investors, including the family offices of several business groups in India. The funds will be used to meet the company’s CAPEX requirements as it seeks to capitalize on global opportunities in the electric vehicles and energy storage systems sectors.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-ma-roundup-green-gravity-raises-6-million-series-a-funding/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Adden Energy Secures $15 Million in Series A Funding


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					</table><p>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-adden-energy-secures-15-million-in-series-a-funding/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Adden Energy, a solid-state battery developer for electric vehicles, </strong><a href="https://mercomcapital.com/adden-energy-secures-15-million-in-series-a-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $15 million in Series A funding</strong>. The funding round was led by At One Ventures with participation from Primavera Capital Group, Rhapsody Venture Partners, and MassVentures. The company plans to use the funding to expand its lithium-metal solid-state batteries in pouch cell form factors to become more commercially accessible to EVs.</p>
<p><strong>MobilityPlus, a company that provides charging solutions for electric vehicles (EV), has </strong><a href="https://mercomcapital.com/ev-charging-platform-mobilityplus-receives-43-million-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €40 million (~$43 million) in funding from Suma</strong> Capital through its Climate Impact Fund III, an Article 9 fund for European energy transition investments. Previous investors, such as Concentra, also participated in the funding. The funds will be used to expand its EV fleet charging portfolio and grow its charging network in Belgium and France.</p>
<p><strong>Solar module manufacturer Waaree Energies’ ₹43.21 billion (~$513.95 million) initial public offering (IPO) </strong><a href="https://www.mercomindia.com/waaree-energies-ipo-oversubscribed-76-times" target="_blank" rel="noopener"><strong>garnered</strong></a><strong> strong investor interest from institutional and retail buyers</strong>. At the end of the bidding window on October 23, 2024, the issue was oversubscribed 76 times. Priced between ₹1,865 (~$22.18) and ₹1,960 (~$23.31) per share with a lot size of seven shares, the IPO saw bids for 1.6 billion shares, significantly exceeding the 21.08 million shares on offer. According to data from the NSE, this resulted in a 76.34 times oversubscription.</p>
<p><strong>GFCL EV Products, a manufacturer of intermediate materials for lithium-ion batteries and a part of INOXGFL Group, </strong><a href="https://www.mercomindia.com/gfcl-ev-products-raises-%E2%82%B910-billion" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹10 billion (~$118.9 million) at an equity valuation of ₹250 billion (~$2.9 billion)</strong>. The promoters of the INOXGFL Group led the fundraising round along with several marquee investors, including the family offices of several business groups in India. The funds will be used to meet the company’s CAPEX requirements as it seeks to capitalize on global opportunities in the electric vehicles and energy storage systems sectors.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week’s funding <a href="https://mercomcapital.com/funding-ma-roundup-green-gravity-raises-6-million-series-a-funding/" target="_blank" rel="noopener">roundup</a>.</p>


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