Reliance New Energy Limited, a subsidiary of Reliance Industries Ltd, on Monday informed that it has acquired all of the assets of Lithium Werks BV for USD 61 million, including funding for future growth.
The assets include the entire patent portfolio of Lithium Werks, manufacturing facility in China, key business contracts and hiring of existing employees as a going concern.
With the resurgence in demand for Lithium Iron Phosphate batteries and Lithium Werks' integrated portfolio of LFP solutions, Reliance aims to take advantage of the global opportunities before it.
“The combination of Lithium Werks with Reliance’s recently announced acquisition of Faradion Limited, a global leader in sodium-ion cell chemistry, further strengthens Reliance’s technology portfolio and provides it access to one of the world’s leading portfolio of LFP patents and a management team with vast experience of innovation in cell chemistry, custom modules, packing, and building large scale battery manufacturing facility," said Reliance.
It said it will be leveraging the experience of senior management teams, together with the technology and know-how gained through the acquisition of Faradion Limited and Lithium Werks, to establish an end-to-end battery ecosystem.
This will allow Reliance to deliver not only manufacturing at large scale certain key supply chain materials, such as cathode, anode, electrolyte, but also a cell manufacturing facility including leading IOT/AI capabilities.
“LFP is fast gaining as one of the leading cell chemistries due to its cobalt and nickel free batteries, low cost and longer life compared to NMC and other chemistries. Lithium Werks is one of the leading LFP cell manufacturing companies globally and has a vast patent portfolio and a management team which brings tremendous experience of innovation across LFP value chain," said Mukesh Ambani, chairman of RIL.
“We are looking forward to working with the Lithium Werks team and are excited about the pace at which we are progressing towards establishing an end-to-end battery manufacturing and supply ecosystem for Indian markets," he added.
He said that along with Faradion, Lithium Werks will enable RIL to accelerate our vision of establishing India at the core of developments in global battery chemistries and help us provide a secure, safe and high-performance supply chain to the large and growing Indian EV and energy storage markets.
The transaction is subject to certain regulatory and other customary closing conditions and is expected to complete by June 2022.
Incorporated in 2017, Lithium Werks is a cobalt-free lithium battery technology and manufacturing company, with operations in the US, Europe and China and customers worldwide.
Its batteries are used in industrial, medical, marine, energy storage, commercial transportation and other highly demanding applications.
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Reliance Industries acquires all assets of Lithium Werks for $61 million - Mint
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