Reliance New Energy Solar to acquire sodium-ion battery tech firm - Faradion

Reliance New Energy Solar (RNESL), a wholly owned subsidiary of Reliance Industries has signed definitive agreement to acquire 100% shareholding in Faradion (Faradion) for an enterprise value of GBP 100 Mn. In addition, RNESL will also invest GBP 25 million 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.

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.

 

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