Reliance to buy assets of battery firm Lithium Werks for $61 million
Reliance Industries Ltd announced acquisition of assets of Lithium Werks for $61 million
Lithium Werks is a cobalt-free lithium battery technology company
It builds technology and material wherewithal for its new energy foray
Its batteries are used in industrial, medical, marine, energy storage, commercial transportation etc
The assets include the entire patent portfolio of Lithium Werks and manufacturing facility in China and key business contracts
The transaction is expected to complete by June 2022
This will allow Reliance to deliver a cell manufacturing facility including leading IOT/AI capabilities
