Reliance New Energy Solar acquires UK’s battery tech firm, Faradion

Reliance Industries’ wholly-owned subsidiary Reliance New Energy Solar Ltd (RNESL) stated on Friday that it has signed definitive agreements to acquire 100 per cent shareholding in UK-based global battery technology company Faradion. The acquisition will be done at an enterprise value of 100 million pounds. RNESL, will in addition, invest 25 million pounds as growth capital to accelerate commercial roll out.

Reliance mentioned in a statement that it 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 at Jamnagar.

Battery technology company Faradion is based out of Sheffield and Oxford and has a wide-reaching IP portfolio covering several aspects of sodium-ion technology.

Reliance stated that Faradion’s sodium-ion technology has significant advantages over products such as lithium-ion and lead acid batteries. It said that the tech is sustainable as it has no dependence and use of cobalt, lithium, copper or graphite. It is low-cost as compared to lead-acid, has scope for scalability, performs better and has fast charge and discharge capability.

“All of this combines to offer a next generation, high density, safe, sustainable and low-cost energy storage technology solution,” stated RIL.

Chairman of Reliance Industries, Mukesh Ambani, said, “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. 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 cost competitive. In addition, it has wide use applications from mobility to grid scale storage and back-up power.”

Ambani said that the technology uses sodium, which will secure India’s energy storage requirements for its large renewable energy and fast-growing EV charging market. “We will work with Faradion management and accelerate its plans to commercialise the technology through building integrated and end-to-end giga scale manufacturing in India,” he said.

Chairman and Co-Founder of Faradion Dr Chris Wright said that the deal will establish Faradion’s “sodium-ion batteries as an integral part of the global value chain for cheaper, cleaner, more sustainable energy for decades to come.”

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