Reliance Industries Ltd (RIL), through its subsidiary Reliance New Energy Ltd (RNEL), has agreed to buy the assets of Lithium Werks, a cobalt-free lithium battery technology and production company, for $61 million, the Mukesh Ambani-led conglomerate announced on March 14.
Lithium Werk’s cobalt-free, high-performance lithium iron phosphate (LFP) battery production and technology will be available to RNEL as part of the deal. Given its range of integrated solutions, RNEL believes Lithium Werks is well-positioned to capitalize on the recent rebound in demand for LFP batteries.
“Compared to NMC (nickel, manganese, and cobalt) and other chemistries, LFP is quickly becoming one of the top cell chemistries due to its cobalt and nickel free batteries, low cost, and longer life.” Lithium Werks is one of the world’s leading LFP cell manufacturers, with a large patent portfolio and a management team with extensive experience in the LFP value chain,” Ambani, RIL’s chairman, was quoted in the announcement as adding.
