Reliance Industries’ solar arm will buy sodium-ion battery technology provider Faradion for 100 million pounds including debt.
“Reliance New Energy Solar Limited, a wholly-owned subsidiary of the company, has entered into an agreement with Faradion (Faradion) and its shareholders for acquiring 100% of the equity shares of Faradion through secondary transactions for a total value of GBP 94.42 million based on an enterprise value of GBP 100 million,” the company said in a filing.
Faradion, which is based in the UK, is one of world’s leading battery technology companies. It boasts of an extensive IP portfolio covering many 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.
“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. 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,” Mukesh Ambani said on the stake buy.
