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Reliance New Energy Limited (a wholly owned subsidiary of Reliance Industries Ltd), has signed definitive agreements to acquire substantially all of the assets of Lithium Werks BV for a total transaction value of US$61 Million including funding for future growth. The assets include the entire patent portfolio of Lithium Werks, manufacturing facilities in China, key business contracts and hiring of existing employees as a going concern.
The transaction is subject to certain regulatory and other customary closing conditions and is expected to complete by June 2022.
Incorporated in 2017 through the acquisition of certain assets of Valence and A123 industrial division, Lithium Werks (headquartered in Netherlands) is a battery technology and manufacturing company, with operations in the US, Europe and China and customers worldwide. It has a 200 MWh annual production capacity including coating, cell and custom module manufacturing capability.
Lithium Werks holds ~219 patents related to LFP process and technology, including exclusive rights to superior LFP nano-technology, cell design, proprietary carbo-thermal reduction manufacturing method and, several next-generation electro-active materials. A company statement said that its LFP batteries are used in industrial, medical, marine, energy storage, commercial transportation and other applications, where its proprietary Nanophosphate® powder delivers unique power, safety and cycle life performance in addition to being more ESG friendly compared to competing technologies.
The combination of Lithium Werks with Reliance’s recently announced acquisition of UK based sodium-ion battery technology Faradion Limited, strengthens Reliance’s technology portfolio and allows Reliance to leverage the strength of a team with vast experience in cell chemistry, custom modules, packing, and building large scale battery manufacturing facility.
Speaking about this acquisition. Mr. Mukesh Ambani, Chairman of Reliance Industries Limited, 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 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.”
“Along with Faradion, Lithium Werks will enable us to accelerate our vision of establishing India at the core of developments in global battery chemistries and help us provide a secure, safe and high-performance supply chain to the large and growing Indian EV and Energy Storage markets”.
Mr. Joe Fisher, Co-Founder and CEO of Lithium Werks, said “We are pleased to become a part of the Reliance New Energy initiative. 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”.
Also Read: Exide to license Lithium-ion cell technology from China’s SVOLT
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