Reliance New Energy Solar (RNESL), a wholly owned subsidiary of Reliance Industries, has signed definitive agreements to acquire 100% shareholding in UK-based sodium-ion battery developer Faradion.
The deal was for £100 million ($136 million), with RNESL also due to invest £25 million ($34 million) as growth capital to accelerate commercial roll out of Faradion’s technology.
Reliance will use Faradion’s state-of-the-art technology at its proposed fully integrated energy storage gigafactory as part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar in western India.
Reliance will work with Faradion management and accelerate its plans to commercialise the technology through building integrated and end-to-end giga-scale manufacturing in India.
Mukesh Ambani, chairman of Reliance Industries, said: “This will further strengthen and build upon our ambition to create one of the most advanced and integrated new energy ecosystems and put India at the forefront of leading battery technologies.
“The sodium-ion technology developed by Faradion has wide use applications from mobility to grid scale storage and back-up power.
“Most importantly, it utilises sodium, which will secure India’s energy storage requirements for its large renewable energy and fast-growing EV charging market.”