Reliance to buy battery tech company Faradion for £100 million
New Delhi: Reliance Industries NSE 0.38 % Ltd (RIL) will acquire British firm Faradion Ltd for an enterprise value of £100 million that will give it access to high density, sustainable and cost-competitive battery technology, the company said in a statement on Friday.
Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of RIL, will acquire all of Faradion and will invest a further £25 million as growth capital to accelerate the commercial rollout of the UK firm’s battery technology. Faradion’s patented sodium-ion battery technology provides significant advantages over alternative battery technologies, especially lithium-ion and lead-acid, RIL said.
“The sodium-ion technology developed by Faradion provides a globally leading energy storage and battery solution which is safe, sustainable, provides high energy density and is significantly costcompetitive,” said RIL chairman Mukesh Ambani.
