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” 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 are primarily utilized in electrical automobiles. 

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

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“LFP is quick gaining as one of many main cell chemistries resulting from its cobalt and nickel free batteries, low value 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 among the main LFP cell manufacturing corporations globally and has an unlimited patent portfolio and a administration workforce which brings the large expertise of innovation throughout LFP worth chain.”

Ambani added, “We’re wanting ahead to working with the Lithium Werks workforce 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 worldwide chief in sodium-ion cell chemistry for an enterprise worth of 100 million kilos ($130 million). The 2 corporations will supply Reliance entry to expertise that might 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 creating India on the core of developments in world battery chemistries and assist us present a safe, protected and high-performance provide chain to the big 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.

 

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