Reliance New Energy to buy Lithium Werks for Rs 468.2 cr
POWER & RENEWABLE ENERGY

Reliance New Energy to buy Lithium Werks for Rs 468.2 cr

Reliance New Energy Limited (RNEL), a subsidiary of Reliance Industries Ltd (RIL), has signed a definitive agreement to acquire all assets of the Lithium Werks BV for a total transaction value of around Rs 468.2 crore, which includes funding for future growth.

Netherland-headquartered Lithium Werks is a major provider of cobalt-free as well as high-performance lithium iron phosphate (LFP) batteries. LFP batteries are the safest lithium battery type available in the market, and they offer a longer life span with zero maintenance. They are also lightweight among the others.

Chairman Mukesh Ambani said that LFP is fast gaining as a leading cell chemistries because of cobalt and nickel free batteries, with lower cost and longer life when compared with NMC and other chemistries.

He added that Lithium Werks is among the leading global LFP cell manufacturing companies having a vast patent portfolio along with a management team bringing in a tremendous experience of innovation across the LFP value chain.

This acquisition shall include the complete patent portfolio of Lithium Werks, their manufacturing facility located in China, prime business contracts, and the hiring of existing employees as a going concern.

Lithium Werks co-founder and CEO, Joe Fisher said that the deal indicates increased resources and expanded global reach with leveraging their skills and experienced team, expansion of capacity, acceleration of clean energy strategy.

Image Source

Also read: Reliance industries to raise $3 billion equity

Reliance New Energy Limited (RNEL), a subsidiary of Reliance Industries Ltd (RIL), has signed a definitive agreement to acquire all assets of the Lithium Werks BV for a total transaction value of around Rs 468.2 crore, which includes funding for future growth. Netherland-headquartered Lithium Werks is a major provider of cobalt-free as well as high-performance lithium iron phosphate (LFP) batteries. LFP batteries are the safest lithium battery type available in the market, and they offer a longer life span with zero maintenance. They are also lightweight among the others. Chairman Mukesh Ambani said that LFP is fast gaining as a leading cell chemistries because of cobalt and nickel free batteries, with lower cost and longer life when compared with NMC and other chemistries. He added that Lithium Werks is among the leading global LFP cell manufacturing companies having a vast patent portfolio along with a management team bringing in a tremendous experience of innovation across the LFP value chain. This acquisition shall include the complete patent portfolio of Lithium Werks, their manufacturing facility located in China, prime business contracts, and the hiring of existing employees as a going concern. Lithium Werks co-founder and CEO, Joe Fisher said that the deal indicates increased resources and expanded global reach with leveraging their skills and experienced team, expansion of capacity, acceleration of clean energy strategy. Image Source Also read: Reliance industries to raise $3 billion equity

Next Story
Infrastructure Energy

J&K CM Rules Out Power Privatisation, Focuses on Sector Reform

Jammu and Kashmir Chief Minister Omar Abdullah has dismissed speculation regarding privatisation of electricity in the Union Territory, emphasising that his priority is to strengthen and reform the power sector.“We are not discussing privatisation. By reducing losses, improving billing efficiency, and enhancing revenue, there will be no need for it. My vision is to strengthen and reform the power sector in J&K,” Abdullah stated.He addressed the gathering at the 58th Engineers’ Day at SKICC on Monday evening, an event honouring Bharat Ratna Sir M Visvesvaraya for his pioneering contri..

Next Story
Infrastructure Urban

Mumbai’s Sassoon Dock to Get Tech-Driven Modernisation with Finland

The Maharashtra government, in collaboration with Finland, will modernise Mumbai’s historic Sassoon Dock using advanced technology, state minister Nitesh Rane announced on Wednesday.Rane met a delegation of Finnish officials and representatives of Finnish companies at the dock to discuss strategic plans for upgrading the facility in south Mumbai, according to an official statement.Built in the 19th century, Sassoon Dock is one of Mumbai’s oldest and busiest fishing harbours. Operations currently exceed its original capacity, raising concerns over hygiene, odour, fish handling standards, an..

Next Story
Infrastructure Energy

Agarwal Industrial Wins Rs 3.3 Billion IOCL Bitumen Tender

Agarwal Industrial Corporation rose 3.84 per cent to Rs 945.65 after announcing it had secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 3.3 billion.In a regulatory filing during market hours, the company confirmed it had won the tender to supply Bulk Bitumen (VG-30 and VG-40 grades) to IOCL’s Kakinada locations.The firm quantity under the award totals around 60,500 tonnes across 11 parcels, while the optional quantity is approximately 33,000 tonnes across six parcels. This brings the total awarded quantity to roughly 93,500 tonnes. At current market prices, the firm o..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?