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Mumbai:
Reliance New Power Restricted (“Reliance”), a wholly-owned subsidiary of Reliance Industries Ltd, on Monday, signed definitive agreements to amass considerably the entire belongings of Lithium Werks BV (“Lithium Werks”) for a complete transaction worth of USD 61 million together with funding for future progress.The belongings embody your entire patent portfolio of Lithium Werks, manufacturing facility in China, key enterprise contracts and hiring of present staff as a going concern.
Based in 2017, by means of the acquisition of sure belongings of Valence and A123 industrial division, the administration of Lithium Werks brings 30+ years of battery experience and almost 200 MWh annual manufacturing capability together with coating, cell and customized module manufacturing functionality.
Lithium Werks is a number one supplier of cobalt-free and high-performance Lithium Iron Phosphate (“LFP”) batteries. With the current resurgence in demand for LFP batteries, Lithium Werks is uniquely positioned to reap the benefits of the worldwide alternatives earlier than it by means of its built-in portfolio of LFP options. These embody World-class IP portfolio with ~219 patents associated to LFP course of and know-how, together with unique rights to superior LFP nano-technology, cell design, proprietary carbo-thermal discount manufacturing technique and, a number of next-generation electro-active supplies. These LFP options additionally embody an thrilling product growth pipeline underpinned by distinctive IP and design and engineering experience and an built-in cell manufacturing functionality.
The mixture of Lithium Werks with Reliance’s just lately introduced acquisition of Faradion Restricted, a world chief in sodium-ion cell chemistry, additional strengthens Reliance’s know-how portfolio and supplies it entry to one of many world’s main portfolio of LFP patents and a administration group with huge expertise of innovation in cell chemistry, customized modules, packing, and constructing giant scale battery manufacturing facility.
Reliance can be leveraging the expertise of those senior administration groups, along with the know-how and know-how gained by means of the acquisition of Faradion Restricted and Lithium Werks, to determine an end-to-end battery ecosystem that may permit Reliance to ship not solely manufacturing at giant scale sure key provide chain supplies, resembling cathode, anode, electrolyte, but in addition a cell manufacturing facility together with main IOT/AI capabilities giving Reliance the flexibleness to provide batteries and battery module methods consisting of various chemistries for varied functions throughout vitality storage and mobility.
Talking about this acquisition, Mukesh Ambani, Chairman of Reliance Industries Restricted, stated, “LFP is quick gaining as one of many main cell chemistries as a result of its cobalt and nickel free batteries, low value and longer life in comparison with NMC and different chemistries. Lithium Werks is without doubt one of the main LFP cell manufacturing corporations globally and has an unlimited patent portfolio and a administration group that brings great expertise of innovation throughout the LFP worth chain. We’re trying ahead to working with the Lithium Werks group and are excited in regards to the tempo at which we’re progressing in the direction of establishing an end-to-end battery manufacturing and provide ecosystem for India markets.”
“Together with Faradion, Lithium Werks will allow us to speed up our imaginative and prescient of creating India on the core of developments in international battery chemistries and assist us present a safe, secure and high-performance provide chain to the massive and rising Indian EV and Power Storage markets”.
Joe Fisher, Co-Founder and CEO of Lithium Werks, stated “We’re happy to turn out to be part of the Reliance New Power initiative. This deal means elevated sources and expanded international attain whereas leveraging our skilled group and IP portfolio and offering scale and momentum to assist drive our product innovation, capability enlargement and speed up our clear vitality technique.”
Christian P Ringvold, Co-Founding father of Lithium Werks, additionally commented “Reliance is dedicated to sustainable growth and understands the significance of batteries within the transition to a fossil-free future. The corporate’s robust values, stable monitor report, and excessive ambitions make me assured that that is the suitable method ahead for Lithium Werks. I’m very excited to proceed on this journey with Reliance.”
The transaction is topic to sure regulatory and different customary closing circumstances and is predicted to finish by June 2022.
Covington & Burling LLP acted because the authorized advisor and Deloitte because the accounting and tax advisor to Reliance on this transaction.
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