Reliance New Energy Solar Ltd, a Reliance Industries subsidiary, has acquired 100% shareholding in UK-based firm Faradion Limited for GBP 100 million. Reliance will spend an additional GBP 25 million to accelarate its roll out, Reliance Industries said in a press release.
Faradion Limited is a leading global battery technology firm that has patents of sodium-ion battery technology. The Sheffield and Oxford-based firm has a wide range of IP portfolios covering several aspects of the sodium-ion technology.
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.
The technology provides next generation, high density, safe, sustainable and low cost energy storage technology solution, the company said.
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 in Jamnagar, the Mukesh Ambani-led firm said.
On the acquisition, Ambani said, “We welcome Faradion and its experienced team to Reliance family. 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.”
Ambani also said that Faradion’s technology will help secure India’s energy storage requirements for its fast-growing renewable energy and EV charging market. “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,” James Quinn, chief executive officer at Faradion was quoted as saying.