Reliance New Vitality declares it has acquired belongings of main Lithium Iron Phosphate Vitality Programs Group Lithium Werks for $61 million by definitive agreements.
The belongings acquired embrace Lithium Werks’ whole patent portfolio, main enterprise contracts and the hiring of present workers. With this new acquisition, Reliance can additional strengthen its capabilities and choices within the lithium-ion business.
Beforehand, Reliance additionally acquired Faradion Ltd, a world chief in sodium ion chemistry. Therefore, the brand new improvement proves Reliance’s plans to increase on this sector.
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Reliance will acquire entry to one of many world’s main portfolios of lithium iron phosphate (LFP) patents, together with a administration group with intensive expertise in cell chemistry, customized modules, packaging and the development of large-scale battery manufacturing services. of the takeover.
Reliance Industries President Mukesh Ambani mentioned: “LFP is quickly gaining reputation as one of many main cell chemistries on account of its cobalt and nickel free batteries, low price and longer life in comparison with nickel, manganese and cobalt (NMC) and different chemistries. Lithium Werks is without doubt one of the main LFP cell manufacturing firms worldwide and has an intensive patent portfolio and a administration group that brings the huge expertise of innovation to the LFP worth chain.”
He added that they’re wanting to work with the Lithium Werks group and are inspired by the fast progress they’re making in establishing an end-to-end battery manufacturing and provide ecosystem for Indian markets.
United States-based energy techniques improvement firm, Lithium Werks, was based in 2017. The corporate focuses on a number of areas of the facility business, together with valence battery modules, battery administration techniques, and extra.
CEO of Lithium Werks Joe Fisher said“This deal means elevated assets and world attain, whereas leveraging our skilled group and IP portfolio, offering scale and momentum to drive our product innovation, capability enlargement and speed up our clear vitality technique.”
He additionally mentioned they’re excited to hitch the Reliance New Vitality initiative.