Reliance New Energy announces that it has acquired assets of premier Lithium Iron Phosphate Energy Systems Group Lithium Werks for $61 million through definitive agreements.
The acquired assets include Lithium Werks’ entire patent portfolio, key business contracts, and the hiring of existing employees. This new acquisition will allow Reliance to further strengthen its capabilities and offering in the lithium-ion industry.
Earlier, Reliance also acquired Faradion Ltd, a global leader in sodium-ion cell chemistry. Hence the new development proves Reliance’s plans of expanding in this industry.
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Reliance will have access to one of the world’s leading portfolios of Lithium Iron Phosphate (LFP) patents, along with a management team with extensive experience in cell chemistry, custom modules, packing, and the construction of large-scale battery manufacturing facilities as a result of the acquisition.
Chairman of Reliance Industries, Mukesh Ambani, said, “LFP is fast gaining as one of the leading cell chemistries due to its cobalt and nickel free batteries, low cost, and longer life compared to Nickel, Manganese, and Cobalt (NMC) and other chemistries. Lithium Werks is one of the leading LFP cell manufacturing companies globally and has a vast patent portfolio and a management team that brings the tremendous experience of innovation across the LFP value chain.”
He further added that they are eager to collaborate with the Lithium Werks team and are encouraged by the rapid progress they are making toward establishing an end-to-end battery manufacturing and supply ecosystem for Indian markets.
United States-based energy system developing company Lithium Werks was founded in 2017. The firm specializes in multiple domains in the energy industry, including valence battery modules, battery management systems, and many more.
CEO of Lithium Werks Joe Fisher said, “This deal means increased resources and expanded global reach while leveraging our experienced team and IP portfolio and providing scale and momentum to help drive our product innovation, capacity expansion and accelerate our clean energy strategy.”
He also mentioned that they are delighted to join the Reliance New Energy initiative.