Mumbai : Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of Reliance Industries Ltd. on Friday said that it has signed definitive agreements to acquire 100% shareholding in Faradion Limited (Faradion) for an enterprise value of GBP 100 Mn.
In addition, RNESL will also invest GBP 25 Mn as growth capital to accelerate commercial roll out. Based out of Sheffield and Oxford in UK and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies.
It has a competitively superior, strategic, wide-reaching and extensive IP portfolio covering several aspects of sodium-ion technology. Faradion’s sodium-ion technology provides significant advantages compared to alternative battery technologies, especially lithium-ion and lead acid.
Reliance will use Faradion’s state-of-the-art technology at its proposed fully integrated energy storage giga-factory as part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar, India.
“We welcome Faradion and its experienced team to Reliance family. This will further strengthen and build upon our ambition to create one of the most advanced and integrated New Energy ecosystem and put India at the forefront of leading battery technologies. The sodium-ion technology developed by Faradion provides a globally leading energy storage and battery solution which is safe, sustainable, provides high energy density and is significantly cost competitive. In addition, it has wide use applications from mobility to grid scale storage and back-up power” Mukesh Ambani, Chairman of Reliance Industries, said.
“Most importantly, it utilizes sodium, which will secure India’s energy storage requirements for its large renewable energy and fast-growing EV charging market. We will work with Faradion management and accelerate its plans to commercialise the technology through building integrated and end-to-end giga scale manufacturing in India. We believe this will be one of our many steps that will also enable, accelerate, and secure large scale energy storage requirements for our Indian partners developing and transforming India’s EV mobility and transport sector” he added.