India’s Reliance inks second battery deal in two months with LFP maker acquisition

Reliance New Power Restricted, which is a part of the large Indian conglomerate Reliance Industries, has acquired LFP battery maker Lithium Works for US$61 million, two months after it purchased the sodium-ion battery maker.

Reliance has agreed to purchase all property of Lithium Works, which produces Lithium Iron Phosphate (LFP) batteries. Property embody its total patent portfolio, manufacturing amenities in China, main enterprise contracts and hiring of present workers.

It’s scorching on the heels of Reliance’s acquisition of sodium-ion battery know-how agency Faradion for an enterprise worth of US$135 million. The Lithium Works deal is being offered as an acquisition of property by means of a share buy slightly than as an organization, though it seems to imply successfully the identical.

The Indian conglomerate says the mixture of the 2 additional strengthens its know-how portfolio and establishes an end-to-end battery ecosystem with manufacturing of key provide chain supplies and cells. This can enable the manufacturing of batteries consisting of various chemistries for varied purposes in power storage and mobility and battery module programs.

“With Faradion, Lithium Works will allow us to speed up our imaginative and prescient of creating India on the coronary heart of progress in world battery chemistry and supply us with a protected, safe and high-performance provide chain for the big and rising Indian EVs and power storage.” market,” mentioned Mr. Mukesh Ambani, chairman of Reliance Industries Ltd., India’s largest firm by market capitalisation.

The corporate mentioned on the time that it might use Faradion’s sodium-ion know-how for its absolutely built-in power storage Gigafactory in Jamnagar, India, though it was not but clear what it will do with Lithium Works’ product. Will do

LFP is more and more being adopted by the power storage business, primarily because of its decrease fireplace threat and fewer provide chain points versus nickel manganese cobalt (NMC) chemistry, whereas its decrease energy-density is much less of an issue than EVs. is much less. That mentioned, the rise in uncooked materials costs, particularly for lithium carbonate, has additionally seen a rise in the price of LFP over the previous few months.

The sector is ready to develop considerably in India within the coming years with a requirement of 27GW/108GWh battery storage by 2029/30 as per the nation’s Central Electrical energy Authority. To facilitate this, the ability ministry final week issued new pointers for procurement of BESS as property for era, transmission and distribution and ancillary companies.

And the urge for food for storage was demonstrated in January when a authorities scheme to assist home battery manufacturing acquired bids for a complete of 130GWh of proposals, greater than double the 50GWh capability the incentives supported.

Reliance is not the primary group to enter the EV and power storage-focused battery area by means of massive acquisitions. Saft, a transport, business and defense-specific BESS provider, was purchased by French power conglomerate Whole (now TotalEnergies) again in 2016.

Final 12 months, automotive big Borg Warner purchased German car battery pack maker AKASOL, whereas Tesla acquired Colorado-based SilLion, which was engaged on high-loading silicon anode and electrode know-how for battery cells.

That is Reliance’s seventh acquisition within the renewable power area since September, most of which is within the photo voltaic sector, which you’ll examine on our sister web site. PV Tech,

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