Reliance New Energy Ltd acquires Lithium Werks for $61 Million

Reliance Industries Limited (RIL) is ready to acquire the assets of cobalt-free lithium battery technology and manufacturer Lithium Werks through its subsidiary Reliance New Energy Limited (RNEL) for a total of $61 million.

The acquisition will give RNEL access to cobalt-free, high-performance lithium iron phosphate (LFP) batteries and their manufacturing and technology. RNEL said  Lithium Werks, with its portfolio of integrated solutions, is well-positioned to take advantage of the opportunities posed by the recent resurgence of demand for LFP batteries.

The acquisition is a part of Reliance Group’s strategic plan to invest Rs 75,000 crore over the next three years to build a new clean energy business to fuel its commitment to be the net carbon neutral by 2035.

The acquisition includes Lithium Werks' entire patent portfolio, manufacturing facilities in China, key business contracts, and the hiring of existing employees to continue their business. We have an intellectual property (IP) portfolio of approximately 219 patents related to LFP processes and technologies, an IP-driven product development pipeline, and an integrated cell manufacturing capability.

Prior to the deal, RNEL acquired Faradion, a British startup developing sodium-ion batteries, for GBP 100 million, with an additional GBP 25 million for the commercial launch of products, including batteries for electric vehicles. The acquisition of Lithium Werks will enable Indian conglomerates to strengthen their battery cell technology portfolio and build large battery manufacturing plants.