Petrochemical firm Reliance New Energy, a wholly owned subsidiary of Reliance Industries, has signed definitive agreements to buy lithium-ion battery maker Lithium Werks for $61 million.
The assets include the entire patent portfolio of Lithium Werks, its manufacturing facility in China, key business contracts and hiring of existing employees as a going concern.
Lithium Werks, which was founded in 2017 through acquisition of certain assets of Valence and A123 industrial division, develops cobalt-free lithium iron phosphate (LFP) batteries.
Its IP portfolio includes around 219 patents related to LFP process and technology, including exclusive rights to LFP nano-technology, cell design, a proprietary carbo-thermal reduction manufacturing method and next-generation electro- active materials.
Buying battery IP
In January, Reliance signed definitive agreements to acquire the 100% shareholding in UK-based sodium-ion battery developer Faradion.
The combination of Lithium Werks and Faradion strengthens Reliance’s technology portfolio and gives it access to a wide-ranging portfolio of cell chemistry innovation, custom modules, packing, and knowledge of building large-scale battery manufacturing facilities.
The buy-outs enable reliance to accelerate its vision of establishing India as a global battery powerhouse and delivering a supply chain to its growing Indian EV and energy storage markets.
Mukesh Ambani, chairman of Reliance Industries, said: “LFP is fast becoming one of the leading cell chemistries due to its cobalt and nickel free batteries, low cost and longer life compared to 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 which brings tremendous experience of innovation across LFP value chain.
“We are looking forward to working with the Lithium Werks team and are excited about the pace at which we are progressing towards establishing an end-to-end battery manufacturing and supply ecosystem for India markets”.
