RIL subsidiary acquires battery maker Lithium Werks for $61 million

Reliance New Energy Solar Limited (RNESL) signed an agreement to acquire assets of US-based Lithium Werks BV at a total transaction value of $61 million. Lithium Werks is a leading provider of cobalt-free, high-performance lithium iron phosphate (LFP) batteries.

The assets acquired by the RIL arm include the entire patent portfolio of Lithium Werks which includes lithium ion batteries and energy storage systems, manufacturing facility in China, key business contracts and hiring of existing employees as a going concern, said the company.

Mukesh Ambani, Chairman, RIL said, “LFP is fast gaining as one of the leading cell chemistries due to