Electric Vehicles

Reliance Buys Assets of Lithium Werks in Clean Energy Push

 

Indian refining giant Reliance Industries has acquired the assets of battery maker Lithium Werks for $61 million, its second such deal in less than three months, as it makes a bigger push towards clean energy and transport.

Reliance‘s investment in Lithium Werks, which manufactures lithium iron phosphate batteries that are mainly used in electric vehicles (EVs), includes funding for future growth, the company said late on Monday.

The assets, acquired through its subsidiary Reliance New Energy, include Lithium Werks’ portfolio of about 219 patents, a manufacturing facility in China, key business contracts and existing employees, it said.

The deal comes as Reliance looks to cut dependence on its mainstay oil-to-chemicals business, with plans to invest $10 billion in clean energy projects to boost its green credentials and meet its goal of net zero carbon by 2035.

Reliance agreed in December to buy Faradion, a UK-based sodium-ion battery company, for an enterprise value of 100 million pounds ($130 million). The two companies will give Reliance access to technology that will be key in its plan to manufacture batteries and battery systems in India.

“Along with Faradion, Lithium Werks will enable us to accelerate our vision of establishing India at the core of developments in global battery chemistries,” Reliance‘s owner, billionaire Mukesh Ambani said in the statement.

It will allow Reliance to provide “a high-performance supply chain” to the growing Indian EV and energy storage markets, he added.

India is offering incentives of up to $6 billion to companies to build EVs and batteries locally as the government looks to establish a domestic supply chain for clean transport and renewable energy.

 

  • Reuters with additional editing by Jim Pollard

 

ALSO READ:

 

 

India Can Export $500bn In Green Energy Over 20 Years: Ambani

 

Reliance and Chart team up to lead India’s hydrogen charge

 

Total Unit to Start Trading Renewable Energy in Asia

 

Reliance Shelves Aramco Deal Amid Shift To Renewable Energy

 

 

 

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

Recent Posts

Easing Covid Rules and Growth Focus Lure Investors Back to China

Relaxed Covid rules and economic support statements are reversing earlier outflows from China's equity markets.

46 mins ago

China Job Confidence Lowest Since 2009 – Survey

Nearly half of households surveyed by the PBOC in the second quarter think employment prospects…

2 hours ago

China Phone Makers Fill Gap Left by Apple, Samsung in Russia

China's smartphone firms have gained ground in the Russian market, says retailer M.Video, after Western…

2 hours ago

India Cement Maker Pays For $26m Russian Coal Cargo in Yuan

UltraTech Cement is bringing in 157,000 tonnes of coal from Russian producer SUEK and paying…

3 hours ago

China Denies Its Firms Backed Russia’s Military in Ukraine

China's Embassy in Washington said it has not provided assistance to either party in the…

7 hours ago

Asia Stocks Slump as Global Recession Fears Deepen Gloom

Dismal consumer confidence data from the US sent Wall Street plunging and Asian markets followed…

9 hours ago