Lloyds Engineering inks purchase agreement with The Material Works

12 Jan 2026 , 11:40 AM

Lloyds Engineering Works reported that it has signed a purchase agreement with The Material Works Limited (TMW). It is a US-based company, informed the company in its regulatory filing made on January 10.

The company informed the stock exchanges that it has signed the engagement with TMW, which is formed in Delaware and operates from Red Bud, Illinois.

As part of the agreement, Lloyds Engineering will design, manufacture, and sell Eco Pickled Surface (EPS) Generation 4 cells with the help of TMW’s patented technology. This collaboration will allow the company to have global operations. However, excluding China, Macao, Hong Kong, Taiwan, and within a 350-mile radius of Red Bud, Illinois.

Additionally, the company clarified that the agreement is structured as a licensing pact. Under which, TMW will provide rights to its EPS Gen 4 technology and provide related technical support services. This includes improvements in design, technical, and sales training, and access to marketing materials.

As part of the deal, TMW will get annual cash payments from Lloyds Engineering, in addition to agreed earn-out payments for a specified period. The company said that during the term of agreement, it is entitled to manufacture and sell an unlimited number of EPS cells.

The company also noted that this is not a related party transaction and neither the promoters or the promoter group entities have any interest in TMW.

At around 11.34 AM, Lloyds Engineering was trading 1.49% lower at ₹50.24, against the previous close of ₹51 on NSE. The counter touched an intraday high and low of ₹51.20, and ₹49.90, respectively. 

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