Reliance Industries Ltd.’s subsidiary agreed to acquire the assets of battery maker Lithium Werks BV as billionaire Mukesh Ambani assembles pieces of his plan to build a renewable energy ecosystem in India.
Reliance New Energy, a fully owned arm of RIL, will pay $61 million to acquire the assets of Lithium Werks that provides cobalt-free and high-performance lithium iron phosphate batteries, according to a company statement.
The assets include an annual production capacity of nearly 200 MWh including coating, cell and custom module manufacturing capability, 219 patents, including exclusive rights to superior LFP nano-technology, cell design, proprietary carbo-thermal reduction manufacturing method and, several next-generation electroactive materials, it said.
The deal is part of Ambani's commitment to invest $10 billion in sustainable energy initiatives over three years. His oil-to-retail conglomerate acquired UK’s Faradion Ltd., a sodium-ion battery technology firm, in January.
The two acquisitions will enable the company in leveraging the experience of the senior management teams, together with the technology and know-how gained through these two companies, the statement said.
“Lithium Werks is one of the leading LFP cell manufacturing companies globally and has a vast patent portfolio and a management team which brings tremendous experience of innovation across LFP chain,” Ambani said in a statement.
Along with Faradion, Lithium Werks will "help us provide a secure, safe and high-performance supply chain" to the large and growing Indian EV and energy storage markets, he said.
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