The assets include Lithium Werks’ portfolio of about 219 patents, a manufacturing facility in China, key business contracts and existing employees
Indian oil refining giant Reliance Industries has acquired the assets of battery maker Lithium Werks for $61 million, its second such deal in less than three months, as it makes a bigger push towards clean energy and transport.
Reliance’s investment in Lithium Werks, which manufactures lithium iron phosphate batteries that are mainly used in electric vehicles (EVs), includes funding for future growth, the company said late on Monday.
The assets, acquired through its subsidiary Reliance New Energy, include Lithium Werks’ portfolio of about 219 patents, a manufacturing facility in China, key business contracts and existing employees, it said.
The deal comes as Reliance looks to cut dependence on its mainstay oil-to-chemicals business, with plans to invest $10 billion in clean energy projects to boost its green credentials and meet its goal of net zero carbon by 2035.
Reliance agreed in December to buy Faradion, a UK-based sodium-ion battery company, for an enterprise value of £100 million ($130 million). The two companies will give Reliance access to technology that will be the key in its plan to manufacture batteries and battery systems in India.
Along with Faradion, Lithium Werks will enable us to accelerate our vision of establishing India at the core of developments in global battery chemistries, Reliance’s owner, billionaire Mukesh Ambani said in the statement.
It will allow Reliance to provide ‘a high-performance supply chain’ to the growing Indian EV and energy storage markets, he added.
India is offering incentives of up to $6 billion to companies to build EVs and batteries locally as the government looks to establish a domestic supply chain for clean transport and renewable energy.
The articles are for information purposes only and Precise Investors shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.
Precise Investors does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.
Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.