Reliance New Energy Solar Limited – a wholly-owned unit of Reliance, signed definitive agreements to acquire 100 per cent shareholding in Faradion for an enterprise value of GBP 100 million to strengthen its multi-billion-dollar clean energy portfolio.
Reliance New Energy Solar Ltd (RNESL), the renewable energy arm will invest an additional GBP 25 million as growth capital to accelerate the commercial roll-out, the company said in its statement.
Faradion is one of the leading global battery technology companies, possess with its patented sodium-ion battery technology. Faradion’s sodium-ion technology provides significant advantages compared to alternative battery technologies, especially lithium-ion and lead-acid.
These advantages include no dependence and use of cobalt, lithium, copper, or graphite, said Reliance.
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,” said Mukesh Ambani, Chairman of Reliance Industries.
“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,” added Ambani.
