Reliance New Energy Solar to acquire sodium-ion battery firm Faradion
Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of Reliance Industries, to acquire sodium ion battery technology provider Faradion for 100 million pounds including debt.
“RNESL has signed definitive agreements to acquire 100% shareholding in 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,” the company said in a filing.
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 claims to have a competitively superior, strategic, wide-reaching and extensive IP portfolio covering several aspects of sodium-ion technology.
Speaking about the acquisition, Mukesh Ambani, Chairman of Reliance Industries, said, “This (Faradion) 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.”
He adds, “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.”
James Quinn, CEO of Faradion, also commented, “Together with Reliance, Faradion can bring British innovation to India and globally, as the world increasingly looks beyond lithium.”