Reliance Industries acquires 100% stake in UK based battery technology provider Faradion
- ByTejika Bajaj | December 31, 2021
The solar energy arm of Reliance Industries, Reliance New Energy System Solar Limited has recently acquired 100 per cent stake in the UK based battery technology provider Faradion for a sum of 100 million pounds.
The company filing revealed that, “the wholly owned subsidiary of Reliance Industries, Reliance New Energy Solar Limited has entered into a definitive agreement with Faradion and its shareholders for acquiring 100 percent stake of the equity shares of the latter through a series of secondary transactions for a value of GBP 94.42 million based on the enterprise value of GBP 100 million.”
Based out of the UK, Faradion is one of the world’s leading sodium ion battery technology provider companies. It is known specifically for its extensive IP portfolio which covers various key aspects of the sodium ion technology.
Through this acquisition, Reliance would now be able to access Faradion’s state of the art technology for its proposed fully integrated energy storage giga-factory as a part of the Jamnagar based Dhirubhai Ambani Green Energy Giga Complex project.
Commenting upon the recent acquisition and Reliance’s further course of action, the Chairman of Reliance Industries, Mukesh Ambani stated, “Faradion will allow us to strengthen and build upon our ambition to create one of the most advanced and integrated New Energy ecosystem thus putting India at the forefront of leading battery technologies. The sodium-ion technology curated by Faradion provides a globally leading energy storage and battery solution which is not only safe and sustainable but also 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.”
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