What is the idea behind the latest acquisition of Lithium Werks by Reliance group?

Reliance New Energy, part of Reliance group, has acquired all assets of Lithium Werks BV of Belgium for $61 million. This includes the patents portfolio of Lithium Werks, plant in China and key business contracts. The deal will help Reliance New Energy capitalize on resurgence in demand for the Lithium Iron Phosphate batteries.

This deal also synergises with Reliance’s recent acquisition of Faradion Ltd. Incidentally, Faradion is a global leader in sodium-ion cell chemistry. The combination of these two businesses makes Reliance New Energy a leading new-age batter manufacturer. The idea is to cater to the ever-growing electrical vehicles (EV) and energy storage markets.