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

Reliance New Energy Solar Ltd (RNESL), a subsidiary of Reliance Industries Ltd (RIL), has signed a definitive agreement to purchase a 100% share in Faradion Limited in the United Kingdom for GBP 100 million (US$ 134.72 million).

Faradion is one of the leading global battery technology businesses, according to Reliance New Energy Solar Ltd (RNESL), and has a competitively superior, strategic, wide-reaching, and large IP portfolio spanning numerous elements of sodium-ion technology.

Reliance New Energy Solar Ltd (RNESL) will also invest another GBP 25 million (US$ 33.67 million) in the corporation as growth capital in order to speed up commercial rollout, according to the company.

"This will further strengthen and build upon our ambition to create one of the most advanced and integrated New Energy ecosystems and put India at the forefront of leading battery technologies. 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.

The company intends to collaborate with Faradion management and accelerate the company's objectives to commercialise the technology by establishing integrated and end-to-end giga scale manufacturing in India.

"We believe this will be one of our many steps that will also enable, accelerate, and secure large scale energy storage requirements for our Indian partners developing and transforming India’s EV mobility and transport sector,” Ambani added.

“Together with Reliance, Faradion can bring British innovation to India and globally, as the world increasingly looks beyond lithium. We look forward to being part of India’s Net Zero Mission,” said James Quinn, Chief Executive Officer at Faradion.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.