Reliance Buys Sodium-ion Battery Major Faradion For GBP 100 Million

In Products, Clean Fund, Clean News, Electric Mobility, News, Renewable Energy, Technology
Reliance

Reliance New Energy Solar Ltd (RNESL), a fully owned subsidiary of Reliance Industries Ltd., has signed final agreements to purchase a 100 percent stake in Faradion Limited (Faradion) for an enterprise value of GBP 100 million. Additionally, RNESL will invest GBP 25 million in growth capital to expedite commercialization.

Reliance

Faradion is a major worldwide battery technology company with headquarters in Sheffield and Oxford, United Kingdom, with a proprietary sodium-ion battery technology. It has a competitively superior, strategic, broad-reaching, and substantial intellectual property portfolio including several facets of sodium-ion technology.

Reliance will incorporate Faradion’s cutting-edge technology into its projected fully integrated energy storage gigafactory in Jamnagar, India, as part of the Dhirubhai Ambani Green Energy Giga Complex project.

This will bolster Reliance’s objective to construct one of the most sophisticated and integrated New Energy ecosystems in the world and position India at the forefront of leading battery technology.

Faradion’s sodium-ion technology has produced a world-leading energy storage and battery solution that is safe, sustainable, has a high energy density, and is much less expensive. Furthermore, it has a broad range of uses, ranging from mobility to grid-scale storage and backup power.

Faradion was founded in 2010 with the aim of developing and commercializing sodium-ion technology. This agreement with Reliance cements Faradion’s sodium-ion batteries’ position as a critical component of the global value chain for cheaper, greener, more sustainable energy for decades to come.

Reference- Reliance Online Newsroom, CNBC, Mrecom India, Business Standard

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