Reliance New Energy to acquire assets of Lithium Werks for $61 mn

Incorporated in 2017, Lithium Werks is a cobalt-free lithium battery technology and manufacturing company, with operations in the US, Europe and China and customers worldwide

Reliance New Energy Ltd, a subsidiary of Reliance Industries Ltd (RIL), has signed a definitive agreement to acquire assets of Lithium Werks BV for $61 million, as it builds technology and material wherewithal for its new energy foray.

The assets include the patent portfolio of Lithium Werks, manufacturing facility in China, key business contracts and hiring of existing employees. It has 200 MWh annual production capacity including coating, cell and custom module manufacturing capability

Lithium Werks is a leading provider of cobalt free and high-performance Lithium Iron Phosphate (LFP) batteries.

Incorporated in 2017, Lithium Werks has operations in the US, Europe and China