Reliance Industries Acquires All Assets of Lithium Werks BV at $61 Million

Reliance New Energy Limited, an entirely owned subsidiary of Reliance Industries Limited, has acquired the entire belongings of Lithium Werks BV, the corporate has mentioned. Reliance has acquired Lithium Werks at a worth of $61 million, together with funding for future progress it mentioned.

“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,” RIL mentioned in a press launch on Monday.

“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,” it added.

With the recent resurgence in demand for LFP batteries, Lithium Werks is uniquely positioned to take advantage of the global opportunities before it through its integrated portfolio of LFP solutions.

The company further said that it will be leveraging the experience of these senior management teams, together with the technology and know-how gained through acquisition of Faradion Limited and Lithium Werks, to establish an end-to-end battery ecosystem that will allow Reliance to deliver not only manufacturing at large scale certain key supply chain materials.

The new acquisition will help Reliance get the flexibility to produce batteries and battery module systems consisting of different chemistries for various applications across energy storage and mobility.

Speaking on the occasion, RIL chairman Mukesh Ambani said,” 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 India markets “

“Along with Faradion, Lithium Werks will enable us to accelerate our vision of establishing India at the core of developments in global battery chemistries and help us provide a secure, secure and high-performance supply chain to the large and growing Indian EV and Energy Storage markets,” he added.

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