Faradion Limited is a leading global battery technology firm that has patents of sodium-ion battery technology
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 accelerate its rollout, Reliance Industries said in a press release.
Faradic Limited is a leading global battery technology firm that has patents on sodium-ion battery technology. The Sheffield and Oxford-based firm have a wide range of IP portfolios covering several aspects of sodium-ion technology.
The technology provides next-generation, high density, safe, sustainable, and low-cost energy storage technology solutions, the company said.
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 in Jamnagar, the Mukesh Ambani-led firm said.
On the acquisition, Ambani said, "We welcome Faradion and its experienced team to Reliance family. This will further strengthen and build upon our ambition to create one of the most advanced and integrated New Energy ecosystems and put India at the forefront of leading battery technologies."
Ambani also said that Faradion's technology will help secure India's energy storage requirements for its fast-growing renewable energy and EV charging market.
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