New Delhi: In a push to scrub power, Reliance Industries’ subsidiary Reliance New Vitality Ltd on Monday signed definitive agreements to amass “considerably” the entire belongings of Lithium Werks BV for a complete transaction worth of $61 million, together with funding for future development.
Lithium Werks is a supplier of cobalt-free and high-performance ‘Lithium Iron Phosphate’ (LFP) batteries which can be primarily utilized in electrical automobiles.
The belongings embody the corporate’s portfolio of about 219 patents, its manufacturing facility in China, key enterprise contracts and hiring of present workers as a going concern.
“LFP is quick gaining as one of many main cell chemistries as a result of its cobalt and nickel free batteries, low value and longer life in comparison with NMC and different chemistries,” mentioned Mukesh Ambani, chairman of Reliance Industries, in keeping with the corporate launch.
“Lithium Werks is likely one of the main LFP cell manufacturing firms globally and has an unlimited patent portfolio and a administration crew which brings the super expertise of innovation throughout LFP worth chain.”
Ambani added, “We’re wanting ahead to working with the Lithium Werks crew 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 provide Reliance entry to expertise that will probably be key in its plan to fabricate batteries and battery programs 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 international battery chemistries and assist us present a safe, secure and high-performance provide chain to the big and rising Indian EV and Vitality Storage markets,” Ambai added within the launch.
Based in 2017, by the acquisition of sure belongings of ‘Valence’ and ‘A123’ industrial division, the administration of Lithium Werks has over 30 years of battery experience and practically 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.