Reliance buys assets of battery maker Lithium Werks in clean energy, transport push – Times of India

NEW DELHI: Refining big Reliance Industries has acquired the property of battery maker Lithium Werks for $61 million, its second such deal in lower than three months, because it makes a much bigger push in direction of clear vitality and transport.
Reliance’s funding in Lithium Werks, which manufactures lithium iron phosphate batteries which might be primarily utilized in electrical autos (EVs), consists of funding for future progress, the corporate mentioned late on Monday.
The property, acquired by way of its subsidiary Reliance New Energy, embody Lithium Werks’ portfolio of about 219 patents, a producing facility in China, key enterprise contracts and current workers, it mentioned.
The deal comes as Reliance appears to be like to chop dependence on its mainstay oil-to-chemicals enterprise, with plans to speculate $10 billion in clear vitality tasks to spice up its inexperienced credentials and meet its aim of internet zero carbon by 2035.
Reliance agreed in December to purchase Faradion, a UK-based sodium-ion battery firm, for an enterprise worth of 100 million kilos ($130 million). The 2 firms will give Reliance entry to know-how that will likely be key in its plan to fabricate batteries and battery techniques in India.
“Together with Faradion, Lithium Werks will allow us to speed up our imaginative and prescient of building India on the core of developments in world battery chemistries,” Reliance’s proprietor, billionaire Mukesh Ambani mentioned within the assertion.
It would permit Reliance to offer “a high-performance provide chain” to the rising Indian EV and vitality storage markets, he added.
India is providing incentives of as much as $6 billion to firms to construct EVs and batteries domestically as the federal government appears to be like to determine a home provide chain for clear transport and renewable vitality.

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