🔋 Visionary Reliance Industries WE(o)RK-ing Its Way Into The EV Markets 🏭
Reliance Industries recently acquired all of Lithium Werks’ assets for $60 million. Lithium Werks is a cobalt-free lithium battery technology and manufacturing company with operations in Europe, the US and China. Its batteries are used in industrial, medical, marine, energy storage, commercial transportation and many other popular applications. Lithium Iron Phosphate (LFP) batteries are the most sought-after batteries as they do not contain nickel and cobalt compared to the traditional nickel manganese cobalt (NMC) oxide ones.
🔋A Reliable Move Into The Battery Business
The oil-to-telecom conglomerate is in the process of investing ₹75,000 crores to build a 100 gigawatt (GW) renewable capacity facility. Reliance New Energy Solar Ltd., a wholly-owned subsidiary of Reliance Industries (RIL), plans to complete a ₹60,000-crore investment by 2024 to build one of the world’s largest integrated renewable energy manufacturing facilities. With the technology and know-how gained through the acquisition of Faradion and Lithium Werks, RIL aims to establish an end-to-end battery ecosystem.
🔋Motivation For The Acquisition
RIL is accelerating global partnerships, especially in technologies to manufacture green hydrogen, storage batteries and photovoltaic cells before embarking on the construction of gigafactories. Hence, the acquisition of Lithium Werks will enable the conglomerate to manufacture key supply chain materials such as cathode, anode and electrolyte and a cell manufacturing facility with IoT and AI competencies. This will empower RIL with the flexibility to produce batteries and battery module systems consisting of different chemistries for various energy storage and mobility applications.
Reports suggest that RIL undertook acquisitions and investments totalling more than ₹5,500 crores to expand its capabilities in new energy during FY22. Companies like Ambri in the US, Faradion in the UK and Lithium Werks in the Netherlands are some of its top partners in the energy storage industry.
🔋What Lies Ahead For Lithium Werks?
Lithium Werks will enable RIL to accelerate its vision to place India at the core of developments in global battery chemistry and help the megacorp provide a secure, safe, high-performance supply chain to the evolving Indian EV and energy storage markets. This deal also means an increase in resources and an expanded global reach for Lithium Werks.