Reliance New Energy acquires battery maker Lithium Werks, a deal worth $61 million

Reliance New Energy acquires battery maker Lithium Werks, a deal worth $61 million


new Delhi. Reliance New Energy Ltd (RNEL), a wholly owned subsidiary of Reliance Industries Ltd., has acquired $61 million in assets of cobalt-free lithium battery technology and manufacturing company Lithium Werks. announced on Monday the acquisition of Rs. These assets include purchasing all patented products from Lithium Works, manufacturing plants in China and important business contracts. In this, there is concern about the hiring of existing employees.

Lithium Works was started in 2017
Lithium Works was started in 2017. It is a cobalt free lithium battery technology and manufacturing company. Its business is in America, Europe and China while its customers are around the world. Its battery is used in industrial, medical, marine, energy storage, commercial transportation and other applications.

Reliance aims to meet global demand
Reliance has entered into this deal due to increasing demand for lithium iron phosphate batteries and Lithium Rex having an integrated portfolio of LFP solutions. With this, Reliance aims to take advantage of the global demand.

Reliance said in a statement, “Lithium Rex and Faradione Limited together will strengthen Reliance’s technology portfolio. Along with this, Reliance will have the patent of LFP and an experienced management team. The team has experience in cell chemistry, custom modules, packing and running large scale battery manufacturing plants.”

Recently acquired Faradione Limited
Faradione Limited, a global leader in sodium-ion cell chemistry, was recently acquired by Reliance. Reliance has said that it has created an end-to-end ecosystem with the technology and the acquisition of Faradione with the experience of senior management of Lithium Werks.

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Tags: Reliance, RIL


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