Reliance New Energy Ltd, a wholly owned subsidiary of Reliance Industries Ltd, has acquired all the assets of Lithium Works BV, the company said. Reliance has acquired Lithium Works at a value of $61 million, which includes funding for future growth.
“The assets include Lithium Works’ entire patent portfolio, manufacturing facility in China, major business contracts and recruitment of existing employees,” RIL said in a press release on Monday.
“The combination of Lithium Works, with the recently announced acquisition of Faradion Ltd., a global leader in sodium-ion cell chemistry, by Reliance further strengthens Reliance’s technology portfolio and makes it one of the world’s leading portfolios of LFP patents and a vast management The team provides access to innovation experience in cell chemistry, custom module, packing and manufacturing of large scale battery manufacturing facility,” it added.
With the recent resurgence in demand for LFP batteries, Lithium Works is uniquely positioned to take advantage of global opportunities through its integrated portfolio of LFP solutions.
The company further said that it will leverage the experience of these senior management teams, together with technology and know-how gained through the acquisition of Faradion Ltd. and Lithium Works, to establish an end-to-end battery ecosystem that Reliance will allow not only the manufacture of some key supply chain materials on a large scale.
The new acquisition will help Reliance gain flexibility in producing batteries and battery module systems consisting of various chemistries for various applications in energy storage and mobility.
Speaking on the occasion, Mukesh Ambani, Chairman, RIL said, “We look forward to working with the Lithium Works team and the pace with which we are in establishing an end-to-end battery manufacturing and supply ecosystem for the Indian markets. Excited to be moving in the direction of.
Together with Faradion, Lithium Works will enable us to accelerate our vision of establishing India at the heart of growth in global battery chemistry and provide us with a safe, secure and high performance supply chain for the large and growing Indian EVs and energy storage. will help. market,” he said.
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