Reliance Industries arm acquires battery tech firm Faradion for GBP 100 mn

RIL 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 in Jamnagar

Reliance New Energy Solar Ltd (RNESL), an arm of Reliance Industries Ltd (RIL), has signed a definitive agreement to acquire 100 per cent stake in UK-based Faradion Limited for an enterprise value of GBP 100 million.

With its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies and has a competitively superior, strategic, wide-reaching and extensive IP portfolio covering several aspects of sodium-ion technology, said RNESL in a press release on Friday.

RNESL will also be investing another GBP 25 million into the entity as growth capital to accelerate commercial roll out, the firm said.