Reliance New Energy Limited, a subsidiary of Reliance Industries Ltd., said on Monday that it has acquired all of Lithium Werks BV's assets for $61 million, including funding for future growth.
Assets include Lithium Werks' entire patent portfolio, manufacturing facilities in China, key business contracts and the hiring of existing employees as a going concern.
With growing demand for lithium iron phosphate batteries and Lithium Werks' integrated portfolio of LFP solutions, Reliance is looking to capitalize on future global opportunities.
“The combination of Lithium Werks and Reliance’s recently announced acquisition of Faradion Limited, the world leader in sodium ion cell chemistry, further enhances Reliance’s technology portfolio and gives it access to one of the world’s leading LFP patent portfolios and a management team with extensive innovation experience in cell chemistry, custom units, packaging and building large-scale battery manufacturing facilities,” said Reliance.
It said it will be leveraging the experience of senior management teams, along with technology and insights gained through the acquisition of Faradion Limited and Lithium Werks, to establish an end-to-end battery ecosystem.
This will enable Reliance to offer not only large-scale manufacturing of some key supply chain materials such as cathodes, anodes and electrolytes, 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, lower cost and longer life compared to NMC and other chemistry. Lithium Werks is one of the world's leading manufacturers of LFP cells and has an extensive patent portfolio,” said Mukesh Ambani, President of RIL, and a management team that brings a wealth of innovative experience across the LFP value chain.”
"We look forward to working with the Lithium Werks team and are excited at the rate at which we are progressing to create a comprehensive battery supply and manufacturing ecosystem for the Indian markets," he added.
"Together with Faradion, Lithium Werks will enable RIL to accelerate our vision of placing India at the center of global developments in battery chemistry and help us provide a high-performance and secure supply chain for large and growing vehicles," he said. 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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