[ad_1]
Reliance New Energy Solar Limited (RNESL) signed an agreement to acquire assets of US-based Lithium Werks BV at a total transaction value of $61 million. Lithium Werks is a leading provider of cobalt-free, high-performance lithium iron phosphate (LFP) batteries.
The assets acquired by the RIL arm include the entire patent portfolio of Lithium Werks which includes lithium ion batteries and energy storage systems, manufacturing facility in China, key business contracts and hiring of existing employees as a going concern, said the company.
Mukesh Ambani, Chairman, RIL said, “LFP is fast gaining as one of the leading cell chemistries due to its cobalt- and nickel-free batteries, low cost and longer life compared to NMC and other chemistries. Lithium Werks is one of the leading LFP cell manufacturing companies globally and has a vast patent portfolio and a management team which brings tremendous experience of innovation across the LFP value chain.”
The transaction value also includes funding for future growth, RIL said in its public statement. “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,” the company said in a statement.
RNESL recently acquired battery start-up Faradion for an enterprise value of Euro100 million. In addition, RNESL will also invest £25 million as growth capital to accelerate commercial roll out. UK based Faradion is one of the leading global battery technology companies.
Last June, RIL announced its foray into green energy with a ~75,000-crore investment over three years. It plans to invest in solar power generation and manufacturing, hydrogen production, e-fuels, and energy storage under its “New Energy and New Materials” division.
RIL’s newly formed arm Reliance New Energy Solar (RNESL) was one of the companies that won the first solar manufacturing tender offered under the PLI scheme.
RNESL has been on an acquisition spree starting with Norwegian solar equipment maker REC Solar Holdings in October 2021. It also picked up a 40 per cent stake in Sterling & Wilson, a solar EPC company. RNESL has announced investment in German solar wafer firm NexWafe and signed a cooperation agreement with Denmark-based Stiesdal A/S for technology development, and manufacturing of hydrogen electrolysers in India.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
[ad_2]
Source link