RIL to acquire assets of Dutch battery company  Lithium Werks for USD 61 million

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Biznextindia : Reliance New Energy Limited (RNEL), a wholly owned subsidiary of Reliance Industries Limitd (RIL) has entered into an agreement with Lithium Werks B.V. (Lithium Werks) to acquire, through a company to be set up in Netherlands (NewCo), substantially all of the assets of Lithium Werks including its 100% stake in Lithium Werks Technology B.V. (LW Tech) and in Lithium Werks China Manufacturing Co Limited (LW China) along with key business contracts and hiring of existing employees as a going concern for a total transaction value of USD 61 Million including funding for future growth.

As per the agreement, NewCo will issue shares to the founders and existing employees at closing and after such issuance RNEL will hold 85.8% of NewCo.

Lithium Werks, incorporated in the Netherlands, is a leading provider of cobalt free and high performance Lithium Iron Phosphate (LFP) batteries with operations in the US, Europe and China and customers worldwide. The management of Lithium Werks brings 30+ years of battery expertise and nearly 200 MWh annual production capacity including coating, cell and custom module manufacturing capability. LW Tech is a private limited company incorporated on 18 May, 2018 in the Netherlands.

LW Tech is patent-holding company and does not have any revenue. LW China is a private limited company established on 25 March, 2006 in the People’s Republic of China. The turnover of LW China for CY 2021, CY 2020 and CY 2019 was USD 9.6 mn, USD 17.3 mn and USD 24.5 mn respectively.

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