Reliance New Energy Solar Ltd, a Reliance Industries subsidiary, has acquired 100% shareholding in UK-based firm Faradion Limited for GBP 100 million. Reliance will spend an additional GBP 25 million to accelarate its roll out, Reliance Industries said in a press release.
Faradion Limited is a leading global battery technology firm that has patents of sodium-ion battery technology. The Sheffield and Oxford-based firm has a wide range of IP portfolios covering several aspects of the sodium-ion technology.
The technology provides next generation, high density, safe, sustainable and low cost energy storage technology solution, the company said.
