Reliance New Energy Solar Acquires UK-Based Faradion For GBP 100 Million
Reliance New Energy Solar Ltd (RNESL) has announced the acquisition of UK-based sodium ion battery technology provider Faradion Limited for GBP 100 million. RNESL will also invest GBP 25 million as growth capital, the company said in a statement.
Mukesh Ambani, Chairman of Reliance Industries, said, “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. Most importantly, it utilises sodium, which will secure India’s energy storage requirements for its large renewable energy and fast-growing EV charging market. 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.”
As part of the deal, 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, India.
James Quinn, CEO, Faradion, said, “Reliance is the perfect partner for supporting Faradion’s growth in the rapidly expanding Indian market and to jointly speed up the transformation of the global energy market. Together with Reliance, Faradion can bring British innovation to India and globally, as the world increasingly looks beyond lithium.”
Dr. Chris Wright, Chairman and Co-Founder, Faradion, said, “Dr Jerry Barker, Ashwin Kumaraswamy and I founded Faradion in 2010 to develop sodium-ion technology and bring it to market, with funds from Mercia Asset Management.” (MT)