Reliance buys Lithium Werks' assets worth $61 million

Reliance Industries, the world's largest refining company, has acquired the assets of Lithium Werks for $61 million, its second such deal in less than three months, as it expands its focus on clean energy and transportation. Reliance's investment in Lithium Werks, a manufacturer of lithium iron phosphate batteries used primarily in electric vehicles (EVs), includes money for future expansion, the company told the media. The assets acquired through RIL’s subsidiary Reliance New Energy, includes Lithium Werks' portfolio of about 219 patents, a manufacturing facility in China, key business contracts, and existing employees. The agreement comes as Reliance looks to reduce its dependence on its mainstay oil-to-chemicals business, with plans to invest $10 billion in clean energy projects to improve its green credentials and meet its goal of being carbon-neutral by 2035. In December, Reliance agreed to buy Faradion, a sodium-ion battery company based in the United Kingdom, for $130 million. Reliance will gain access to technology from the two companies that will be critical to its plan to manufacture batteries and battery systems in India. It will enable Reliance to provide a high-performance supply chain to the Indian EV and energy storage markets, which are growing rapidly. As part of its efforts to establish a domestic supply chain for clean transportation and renewable energy, India is offering up to $6 billion in incentives to companies that build electric vehicles and batteries in the country. Image Source Also read: Reliance New Energy to buy Lithium Werks for Rs 468.2 cr