Home Business Reliance Acquires Assets Of Battery Maker Lithium Werks For $61 Million

Reliance Acquires Assets Of Battery Maker Lithium Werks For $61 Million

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New Delhi:  In a push to wash vitality, Reliance Industries’ subsidiary Reliance New Power Ltd on Monday signed definitive agreements to accumulate “considerably” all the property of Lithium Werks BV for a complete transaction worth of $61 million, together with funding for future progress.

Lithium Werks is a supplier of cobalt-free and high-performance ‘Lithium Iron Phosphate’ (LFP) batteries which might be primarily utilized in electrical autos. 

The property embrace the corporate’s portfolio of about 219 patents,  its manufacturing facility in China, key enterprise contracts and hiring of current workers as a going concern.

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“LFP is quick gaining as one of many main cell chemistries as a result of its cobalt and nickel free batteries, low price and longer life in comparison with NMC and different chemistries,” stated Mukesh Ambani, chairman of Reliance Industries, based on the corporate launch.

“Lithium Werks is without doubt one of the main LFP cell manufacturing firms globally and has an unlimited patent portfolio and a administration group which brings the large expertise of innovation throughout LFP worth chain.”

Ambani added, “We’re trying ahead to working with the Lithium Werks group and are excited in regards to the tempo at which we’re progressing in direction of establishing an end-to-end battery manufacturing and provide ecosystem for India markets.

In December, Reliance had introduced the acquisition of Faradion Restricted, a world chief in sodium-ion cell chemistry for an enterprise worth of 100 million kilos ($130 million). The 2 firms will supply Reliance entry to expertise that will probably be key in its plan to fabricate batteries and battery methods in India.

“Together with Faradion, Lithium Werks will allow us to speed up our imaginative and prescient of building India on the core of developments in world battery chemistries and assist us present a safe, protected and high-performance provide chain to the massive and rising Indian EV and Power Storage markets,” Ambai added within the launch.

Based in 2017, by means of the acquisition of sure property of ‘Valence’ and ‘A123’ industrial division, the administration of Lithium Werks has over 30 years of battery experience and almost 200 MWh annual manufacturing capability together with coating, cell and customized module manufacturing functionality.

Lithium Werks is uniquely positioned to benefit from the worldwide alternatives on the again of a resurgence in demand for LFP batteries.

 

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