Reliance to acquire UK's battery firm Faradion for £100 million

London, December 31

Reliance New Energy Solar Ltd (RNESL) has signed definitive agreements to acquire UK-based sodium-ion battery technology company Faradion for an enterprise value of GBP 100 million, both companies announced on Friday.

RNESL, a wholly owned subsidiary of Reliance Industries, will acquire 100% shareholding in Faradion Limited, with plans to invest GBP 25 million as primary investment to fund and accelerate commercial rollout.

RIL said the acquisition will help secure India’s energy storage requirements for its large renewable energy and fast-growing electric vehicle charging market.

“This 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,” said Mukesh Ambani, Chairman, RIL.

“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. Most importantly, it utilises sodium, which will secure India’s energy storage requirements for its large renewable energy and fast-growing EV charging market,” he said.

RIL will incorporate 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 in Gujarat.

Ambani said RNESL will work with Faradion and accelerate its plans to commercialise the technology through building integrated and end-to-end giga scale manufacturing in India. — PTI

£25 million primary investment

• RIL plans to invest £25m as primary investment to fund and accelerate commercial rollout
• It said the acquisition will help secure India’s energy storage requirements for its large renewable energy and fast-growing electric vehicle charging market

Buyout to boost battery technology

The buyout 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. — Mukesh Ambani, chairman, Reliance Industries