Indian refining giant Reliance Industries has acquired the assets of battery maker Lithium Werks for $61 million – the second such deal in less than three months
Indian refinery giant Reliance Industries has acquired the assets of battery maker Lithium Werks for $61 million, the second such deal in less than three months, as it gives a bigger push toward clean energy and transportation.
Reliance’s investment in Lithium Werks, which produces lithium iron phosphate batteries primarily used in electric vehicles (EVs), includes funding for future growth, the company said late Monday.
The assets, acquired through its subsidiary Reliance New Energy, include Lithium Werks’ portfolio of about 219 patents, a manufacturing facility in China, major business contracts and existing employees, it said.
The deal comes as Reliance looks to reduce reliance on its core oil-to-chemicals business, with plans to invest $10 billion in clean energy projects to bolster its green reputation and its goal of net zero carbon. to be achieved by 2035.
Reliance agreed in December to buy Faradion, a UK-based sodium ion battery company, for an enterprise value of £100m ($130m). The two companies will give Reliance access to technology that will be crucial in its plan to manufacture batteries and battery systems in India.
“Together with Faradion, Lithium Werks will enable us to accelerate our vision to establish India as the heart of developments in global battery chemistry,” Reliance’s owner, billionaire Mukesh Ambani, said in the statement.
It will enable Reliance to provide “a high-quality supply chain” to India’s growing EV and energy storage markets, he added.
India is offering companies up to $6 billion in incentives to build electric vehicles and batteries locally as the government seeks to establish a domestic supply chain for clean transport and renewable energy.
($1 = 0.7668 pounds)
(Reporting by Aditi Shah; editing by Richard Pullin)
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