Reliance to buy battery tech company Faradion for £100 million

In its regulatory filing, the company said, “Reliance New Energy Solar Ltd (“RNESL”), a wholly-owned subsidiary of Reliance Industries Ltd., has signed definitive agreements to acquire 100% shareholding in Faradion Limited (“Faradion”) for an enterprise value of GBP 100 million. In addition, RNESL will also invest GBP 25 million as growth capital to accelerate commercial roll out.”

The conglomerate 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.

“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 ecosystem and put India at the forefront of leading battery technologies,” RIL chairman Mukesh Ambani said.

“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 added.

The Sheffield and Oxford-based Faradion is one of the leading global battery technology companies which has patented sodium-ion battery technology.

“Reliance is the perfect partner for supporting Faradion’s growth in the rapidly expanding Indian market and to jointly speed up the transformation of the global energy market. Becoming part of the Reliance group validates the incredible work our team has done in advancing sodium-ion technology,” James Quinn, CEO of Faradion said.