Reliance New Energy Solar (RNESL), a wholly-owned subsidiary of Reliance Industries, has inked definitive agreements to acquire 100 per cent shareholding in Faradion for an enterprise value of GBP 100 million. In addition, RNESL will also invest GBP 25 million as growth capital to accelerate commercial roll out. Based out of Sheffield and Oxford in UK and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies. It has a competitively superior, strategic, wide-reaching and extensive IP portfolio covering several aspects of sodium-ion technology.
Faradion’s sodium-ion technology provides significant advantages compared to alternative battery technologies, especially lithium-ion and lead acid, including sustainable, patented zero-volt safe transport and storage, low cost, scalability, performance and fast charge/discharge capability. 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. Linklaters LLP acted as the legal advisor and Ernst and Young as the accounting and tax advisor to Reliance on this transaction.