Reliance New Energy Ltd. (RNEL), a subsidiary of Reliance Industries, has made its fifth acquisition, this time a Dutch battery maker by the name of Lithium Werks in a deal worth $61 million. The deal will end up with RNEL acquiring the company’s patent portfolio, its manufacturing facility in China, key business contracts, hiring all its employees as a going concern & funding for future growth.
Lithium Werks is a company based in Netherlands which was founded in 2017. It is a leading provider of cobalt free and Lithium Iron Phosphate (LFP) batteries. The company’s management has over 30 years battery expertise and 200 MWh annual production capacity including coating, cell and custom module manufacturing capability. The company is said to have about 219 patents related to LFP processes and technology.
“The combination of Lithium Werks with Reliance’s recently announced acquisition of Faradion Limited, a global leader in sodium-ion cell chemistry, further strengthens Reliance’s technology portfolio and provides it access to one of the world’s leading portfolio of LFP patents and a management team with vast experience of innovation in cell chemistry, custom modules, packing, and building large scale battery manufacturing facility,” RIL said in a press release.
RNEL had acquired Ambri, REC Solar, Sterling & Wilson Solar and Faradion earlier. Reliance is trying to rise above the fortune it has built on fossil fuels and achieve its net carbon zero target by 2035.
Highlight by Aman Agarwal.