MUMBAI: Reliance Industries (RIL) has agreed to acquire the UK-based sodium-ion battery technology provider Faradion for 100 million pounds, including debt. It will also invest 25 million pounds as growth capital in Faradion to accelerate a commercial rollout.
RIL has been investing in new energy assets such as Norway’s REC Solar, India’s Sterling & Wilson Solar, Germany’s NexWafe, Denmark’s Stiesdal and US’s Ambri as it looks to move away from fossil fuels.
Based out of Sheffield and Oxford in the UK, Faradion has an intellectual property portfolio covering several aspects of sodium-ion technology.
