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

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

by admin

New Delhi:  In a push to scrub power, Reliance Industries’ subsidiary Reliance New Power 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 autos. 

The belongings embody the corporate’s portfolio of about 219 patents,  its manufacturing facility in China, key enterprise contracts and hiring of present staff as a going concern.

ALSO READ: WikiLeaks Founder Julian Assange Denied Permission To Appeal Extradition Decision At UK Top Court

“LFP is quick gaining as one of many main cell chemistries on account 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, in line with the corporate launch.

“Lithium Werks is among the main LFP cell manufacturing firms globally and has an enormous patent portfolio and a administration crew which brings the large expertise of innovation throughout LFP worth chain.”

Ambani added, “We’re wanting ahead to working with the Lithium Werks crew and are excited concerning 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 worldwide 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 might be key in its plan to fabricate batteries and battery techniques in India.

“Together with Faradion, Lithium Werks will allow us to speed up our imaginative and prescient of creating India on the core of developments in international 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 the acquisition of sure belongings 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 make the most of the worldwide alternatives on the again of a resurgence in demand for LFP batteries.

 

Source link

You may also like

Leave a Comment