Reliance New Energy acquires assets of Lithium Werks for US$61 million

Reliance New Energy Limited (RNEL), a wholly-owned subsidiary of Reliance Industries Ltd, today said that it has signed definitive agreements to acquire substantially all of the assets of Lithium Werks BV ("Lithium Werks") for a total transaction value of US$ 61 million including funding for future growth.

The assets include the entire patent portfolio of Lithium Werks, manufacturing facility in China, key business contracts and hiring of existing employees as a going concern.

Lithium Werks is a leading provider of cobalt-free and high-performance Lithium Iron Phosphate ("LFP") batteries. With the recent resurgence in demand for LFP batteries, Lithium Werks is uniquely positioned to take advantage of the global opportunities before it through its integrated portfolio of LFP solutions:

1. World-class IP portfolio with 219 patents related to LFP process and technology, including exclusive rights to superior LFP nano-technology, cell design, proprietary carbo-thermal reduction manufacturing method and several next-generation electroactive materials.

2. Exciting product development pipeline underpinned by unique IP and design & engineering expertise.

3. An integrated cell manufacturing capability.

Founded in 2017, through the acquisition of certain assets of Valence and A123 industrial division, the management of Lithium Werks brings 30+ years of battery expertise and nearly 200 MWh annual production capacity including coating, cell and custom module manufacturing capability.

The combination of Lithium Werks with Reliance's recently announced acquisition of Faradion Limited, a global leader in sodium-ion cell chemistry, further strengthens Reliance's technology portfolio and provides it access to one of the world's leading portfolios of LFP patents and a management team with vast experience of innovation in cell chemistry, custom modules, packing, and building large scale battery manufacturing facility.