Reliance New Energy Ltd, a unit of Reliance Industries Ltd, said on Monday it has signed definitive agreements to acquire substantially all the assets of Lithium Werks BV (Lithium Werks) for $61 million

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.

Founded in 2017 through acquisition of certain assets of Valence and A123 industrial division, the management of Lithium Werks brings over 30 years of battery expertise and nearly 200 MWh annual production capacity including coating, cell and custom module manufacturing capability.

Lithium Werks is a top provider of cobalt free and high-performance Lithium Iron Phosphate (LFP) batteries. With the recent resurgence in demand for LFP batteries, Lithium Werks is uniquely positioned to take advantage of the global opportunities through its integrated portfolio of LFP solutions.

These cover IP portfolio with 219 patents related to LFP process and technology, including exclusive rights to superior LFP nanotechnology, cell design, proprietary carbo-thermal reduction manufacturing method, several next-generation electroactive materials and integrated cell manufacturing capability.

The combination of Lithium Werks with Reliance’s recently announced acquisition of Faradion Ltd, a leader in sodium-ion cell chemistry, further strengthens Reliance’s technology portfolio and provides it access to one of the world’s leading portfolio of LFP patents and a management team with vast experience of innovation in cell chemistry, custom modules, packing, and building large scale battery manufacturing facility.

“LFP is fast gaining as one of the leading cell chemistries due to its cobalt and nickel free batteries, low cost and longer life compared to NMC and other chemistries,” said Mukesh Ambani, Chairman, Reliance Industries.

“Along with Faradion, Lithium Werks will enable us to accelerate our vision of establishing India at the core of developments in global battery chemistries and help us provide a secure, safe and high-performance supply chain to the large and growing Indian EV and energy storage markets,” he added.