Reliance New Energy Solar Ltd (RNESL) has signed definitive agreements to acquire UK-based sodium-ion battery technology company Faradion for an enterprise value of GBP 100 million, both companies announced on Friday.
RNESL, a wholly owned subsidiary of Mukesh Ambani led Reliance Industries Ltd (RIL), will acquire 100 per cent shareholding in Faradion Limited, with plans to invest GBP 25 million as primary investment to fund and accelerate commercial roll out.
RIL said the acquisition will help secure India’s energy storage requirements for its large renewable energy and fast-growing electric vehicle (EV) charging market.
This will further strengthen and build upon our ambition to create one of the most advanced and integrated New Energy ecosystem and put India at the forefront of leading battery technologies, said Mukesh Ambani, Chairman of Reliance Industries Ltd.
