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