Reliance New Energy acquires 100% stake in sodium-ion battery firm Faradion
Reliance NSE 0.30 % Industries’ solar arm will buy sodium ion battery technology provider Faradion for 100 million pounds including debt.
“Reliance New Energy Solar Limited, a wholly owned subsidiary of the company, has entered into an agreement with Faradion (Faradion) and its shareholders for acquiring 100% of the equity shares of Faradion through secondary transactions for a total value of GBP 94.42 million based on an enterprise value of GBP 100 million,” the company said in a filing.
Faradion, which is based in the UK, is one of world’s leading battery technology companies. It boasts of an extensive IP portfolio covering many aspects of sodium-ion technology. 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.
