Reliance Buys Assets Of Battery Maker Lithium Werks In Clean Energy Push

Indian refining giant Reliance Industries has acquired the assets of battery maker Lithium Werks for $61 million, its second such deal in less than three months, as it makes a bigger push towards clean energy and transport.

Reliance's investment in Lithium Werks, which manufactures lithium iron phosphate batteries that are mainly used in electric vehicles (EVs), includes funding for future growth, the company said late on Monday.

The assets, acquired through its subsidiary Reliance New Energy, include Lithium Werks' portfolio of about 219 patents, a manufacturing facility in China, key business contracts and existing employees, it said.