Reliance New Energy Ltd, a subsidiary of Indian conglomerate Reliance Industries has acquired LFP battery manufacturer Lithium Werks for a quoted value of $61 million. This comes as a bold move from the Reliance outfit as they acquired a Sodium battery manufacturer only two months ago. These moves by Reliance New Energy Ltd. serve the prime purpose of enhancing Reliance’s Battery Cell Technology portfolio and as a big step towards establishing a battery gigafactory in India.
The Indian conglomerate claims that the two new additions helps its goals of establishing an end-to-end battery ecosystem with its complete supply chain based in India. The two companies now enable Reliance to delve into the Lithium and Sodium ion battery market for various applications across the Indian energy storage and EV industry.
Another purpose this deal serves in terms of the general Indian Energy Market, as the Indian CEA or the Central Electricity Authority recently announced targets for the Indian Storage Market to meet. The new targets state that 27Gw of battery need to be installed by 2029/30 and this acquisition, as it directly influences the supply chain, will add to achievements of said targets.
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