It has signed definitive agreements to acquire 100% shareholding in Faradion Limited for an enterprise value of GBP 100 million (approximately ₹1,000 crore).
Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of Reliance Industries Limited, said it has entered into definitive agreements to acquire 100% shareholding in Faradion Limited (Faradion) for an enterprise value of GBP 100 million (approximately ₹1,000). have signed. Ten million).
In addition, RNESL has also agreed to invest GBP 25 million as development capital to accelerate the commercial roll out.
“Based out of Sheffield and Oxford in the 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, broad reach and broad-based capabilities,” RIL said in a statement. IP portfolio that covers many aspects of sodium-ion technology.
Reliance said it will use Faradion’s technology at its proposed fully integrated energy storage giga-factory in Jamnagar, India.
RIL chairman Mukesh Ambani said ‘it’ [acquisition] Will further strengthen and advance our ambition to build the most advanced and integrated new energy ecosystem and put India at the forefront of leading battery technologies. ,
“We will work with Faradion Management and accelerate our plans to commercialize the technology through integrated and complete giga scale manufacturing in India. We are confident that this will be one of our many steps that will enable, accelerate and secure the massive energy storage requirements for our Indian partners as we grow and transform India’s EV mobility and transportation sector,” said Mr. Ambani. .
James Quinn, CEO of Faradion, said, “Being part of the Reliance Group testifies to the incredible work our team has done in advancing sodium-ion technology. With Reliance, Faradion can bring British innovation to India and globally, Because the world increasingly looks beyond lithium.
Dr. Chris Wright, President and Co-Founder of Faradion, said, “Dr. Jerry Barker, Ashwin Kumaraswamy and I founded Faradion in 2010 to develop sodium-ion technology and bring it to market with funds from Marcia Asset Management.
“This deal with Reliance firmly establishes Faradion’s sodium-ion battery as an integral part of the global value chain for cheaper, cleaner, more sustainable energy for decades to come,” he said.
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