Reliance New Energy Ltd, the clean energy arm of Reliance Industries, on Monday said it has signed definitive agreements to acquire substantially all of the assets of Lithium Werks BV (Lithium Werks) for $61 million (Rs 467 crore), including funding for future growth.
Lithium Werks, which was founded in 2017, is a cobalt-free lithium battery technology and manufacturing firm, with operations in the US, Europe and China.
Its batteries are used in industrial, medical, marine, energy storage, commercial transportation and other applications.
An RIL statement post market hours said the assets that it will acquire include the entire patent portfolio of Lithium Werks, manufacturing facility in China, key business contracts and hiring of existing employees as a going concern.
