Reliance buys battery maker Lithium Werks’ assets in clean energy and transportation | Techno Glob


NEW DELHI, March 15 (Reuters) – Indian refining giant Reliance Industries (RELI.NS) has acquired the assets of battery maker Lithium Werks for $61 million, its second such deal in less than three months, as that it makes a bigger push towards cleaning up energy and transport.

Reliance’s investment in Lithium Werks, which makes lithium iron phosphate batteries that are primarily used in electric vehicles (EVs), includes funding for future growth, the company announced late Monday.

The assets, acquired through its subsidiary Reliance New Energy, include Lithium Werks’ portfolio of approximately 219 patents, a manufacturing facility in China, key commercial contracts and existing employees, he said.

The deal comes as Reliance seeks to reduce reliance on its core oil-to-chemicals business, with plans to invest $10 billion in clean energy projects to bolster its green credentials. and achieve its goal of net zero carbon by 2035. Learn more

Reliance agreed in December to buy Faradion, a UK-based sodium-ion battery company, for an enterprise value of 100 million pounds ($130 million). The two companies will give Reliance access to technology that will be key in its plan to manufacture batteries and battery systems in India. Read more

“With Faradion, Lithium Werks will allow us to accelerate our vision of establishing India at the heart of developments in global battery chemistry,” Reliance owner, billionaire Mukesh Ambani said in the statement.

This will enable Reliance to provide “a high performance supply chain” to India’s growing electric vehicle and energy storage markets, he added.

India is offering incentives of up to $6 billion for companies to build electric vehicles and batteries locally as the government seeks to establish a national supply chain for clean transport and renewable energy. Read more

($1 = 0.7668 pounds)

Reporting by Aditi Shah; edited by Richard Pullin

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