Reliance New Energy Ltd, the clean energy arm of Reliance Industries, on Monday said it has signed definitive agreements to acquire substantially all of the assets of Lithium Werks BV (Lithium Werks) for $61 million (Rs 467 crore), including funding for future growth.

Lithium Werks, which was founded in 2017, is a cobalt-free lithium battery technology and manufacturing firm, with operations in the US, Europe and China.

Its batteries are used in industrial, medical, marine, energy storage, commercial transportation and other applications.

An RIL statement post market hours said the assets that it will acquire include the entire patent portfolio of Lithium Werks, manufacturing facility in China, key business contracts and hiring of existing employees as a going concern.

After RIL chairman Mukesh Ambani announced grand plans on clean energy at its annual general meeting last year, the company has announced a string of acquisitions. For instance, Reliance New Energy Solar acquired REC Solar Holdings from China National Bluestar Co for an enterprise value of $771 million. It also acquired UK-based Faradion for Rs 1.005 crore.

Reliance said Lithium Werks brings nearly 200 MWh annual production capacity, including coating, cell and custom module manufacturing capability. The company also produces high-performance Lithium Iron Phosphate (LFP) batteries (used by makers like Tesla) that has several advantages like fast charging and being relatively less expansive among others.