Reliance New Energy, a subsidiary of Reliance Industries (RIL), will acquire Lithium Werks BV for $61 million including funding for future growth.
The assets include the patent portfolio of Lithium Werks, manufacturing facility in China, key business contracts and existing employees.
Lithium Werks has 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.
Lithium Werks has ~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 electro-active materials.
Reliance Industries recently announced the acquisition of Faradion, a leader in sodium-ion cell chemistry.
Reliance will be leveraging the acquisition of Faradion and Lithium Werks to establish an end-to-end battery ecosystem.
“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,” Mukesh Ambani, Chairman of Reliance Industries, said in a news statement.