Mukesh Ambani's Reliance Industries Ltd., on Monday announced acquisition of assets of cobalt-free lithium battery technology company Lithium Werks for $61 million, as it builds technology and material wherewithal for its new energy foray.
Reliance Industries' arm Reliance New Energy has acquired assets of Lithium Werks including the entire patent portfolio of Lithium Werks and a manufacturing facility in China, key business contracts and hiring of existing employees as a going concern. amongst others.
'Reliance New Energy Ltd, a wholly owned subsidiary of Reliance Industries Ltd, has today signed definitive agreements to acquire substantially all of the assets of Lithium Werks BV for a total transaction value of $61 million including funding for future growth,'' the company said in a statement.
Incorporated in 2017, Lithium Werks is a cobalt-free lithium battery technology and manufacturing company, with operations in the US, Europe and China and customers worldwide.
Its batteries are used in industrial, medical, marine, energy storage, commercial transportation and other highly demanding applications.
(With PTI inputs)
