Reliance to buy assets of battery firm Lithium Werks for $61 million

New Delhi: Billionaire Mukesh Ambani's Reliance Industries Ltd on Monday announced acquisition of assets of cobalt-free lithium battery technology company Lithium Werks for $61 million, as it builds technology and material wherewithal for its new energy foray.

"Reliance New Energy Ltd, a wholly owned subsidiary of Reliance Industries Ltd, has today signed definitive agreements to acquire substantially all of the assets of Lithium Werks BV for a total transaction value of $61 million including funding for future growth," the company said in a statement.

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.

Incorporated in 2017, Lithium Werks is a cobalt-free lithium battery technology and manufacturing company, with operations in the US, Europe and China and customers worldwide. Its batteries are used in industrial, medical, marine, energy storage, commercial transportation and other highly demanding applications.