Reliance Industries Limited’s wholly-owned subsidiary Reliance New Energy has acquired assets of Lithium Werks BV. The company acquired Lithium’s assets for $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.
Founded in 2017, through the acquisition of certain assets of Valence and A123 industrial division, the management of Lithium Werks brings 30+ years of battery expertise and nearly 200 MWh annual production capacity including coating, cell and custom module manufacturing capability.
Lithium Werks is a leading provider of cobalt-free and high-performance Lithium Iron Phosphate (LFP) batteries. 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:
1. World-class IP portfolio with ~219 patents related to LFP process and technology, including exclusive rights to superior LFP nano-technology, cell design, proprietary carbo-thermal reduction manufacturing method and, several next-generation electroactive materials.
2. Exciting product development pipeline underpinned by unique IP and design & engineering expertise.
3. An integrated cell manufacturing capability.
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.
Reliance 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, such as cathode, anode, electrolyte, but also a cell manufacturing facility including leading IOT/AI capabilities giving Reliance the flexibility to produce batteries and battery module systems consisting of different chemistries for various applications across energy storage and mobility.
Mukesh Ambani, Chairman of Reliance Industries Limited, said “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. 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.”
At around 9.36 am, Reliance Industries Ltd was trading at Rs2,407.50 per piece down by Rs11.05 or 0.46% from its previous closing of Rs2,418.55 per piece on the BSE.
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