New Delhi: Refining giants Reliance Industries has acquired the assets of the battery manufacturer does lithium work At $61 million, it is the second such deal in less than three months, as it marks a major push toward clean energy and transportation.
Reliance’s investment in Lithium Works, a maker of lithium iron phosphate batteries that are primarily used in electric vehicles (EVs), includes funding for future development, the company said late Monday.
Assets acquired through its subsidiary Reliance New EnergyThis includes a Lithium Works portfolio of approximately 219 patents, a manufacturing facility in China, major business contracts and existing employees.
The deal comes as Reliance cuts reliance on its core oil-to-chemical business, boosting its green credentials with plans to invest $10 billion in clean energy projects and achieving its goal of net zero carbon by 2035. The plan is to accomplish the goal.
Reliance in December agreed to buy UK-based sodium-ion battery company Faradion for an enterprise value of £100 million ($130 million). Both companies will give Reliance access to technology that will be crucial in its plans to build batteries and battery systems in India.
“With Faradion, Lithium Works will enable us to accelerate our vision of establishing India at the heart of growth in global battery chemistry,” Reliance’s owner, billionaire Mukesh Ambani, said in the statement.
He said this would allow Reliance to provide a “high-performance supply chain” to the growing Indian EV and energy storage markets.
India is offering companies up to $6 billion in incentives to manufacture EVs and batteries locally as the government seeks to establish domestic supply chains for clean transportation and renewable energy.
Reliance’s investment in Lithium Works, a maker of lithium iron phosphate batteries that are primarily used in electric vehicles (EVs), includes funding for future development, the company said late Monday.
Assets acquired through its subsidiary Reliance New EnergyThis includes a Lithium Works portfolio of approximately 219 patents, a manufacturing facility in China, major business contracts and existing employees.
The deal comes as Reliance cuts reliance on its core oil-to-chemical business, boosting its green credentials with plans to invest $10 billion in clean energy projects and achieving its goal of net zero carbon by 2035. The plan is to accomplish the goal.
Reliance in December agreed to buy UK-based sodium-ion battery company Faradion for an enterprise value of £100 million ($130 million). Both companies will give Reliance access to technology that will be crucial in its plans to build batteries and battery systems in India.
“With Faradion, Lithium Works will enable us to accelerate our vision of establishing India at the heart of growth in global battery chemistry,” Reliance’s owner, billionaire Mukesh Ambani, said in the statement.
He said this would allow Reliance to provide a “high-performance supply chain” to the growing Indian EV and energy storage markets.
India is offering companies up to $6 billion in incentives to manufacture EVs and batteries locally as the government seeks to establish domestic supply chains for clean transportation and renewable energy.