Reliance New Energy Solar to acquire sodium-ion battery tech firm - Faradion

5 Jan 2022 , 01:34 AM

Reliance New Energy Solar RNESL a wholly owned subsidiary of Reliance Industries has signed definitive agreement to acquire 100Percentage shareholding in Faradion Faradion for an enterprise value of GBP 100 Mn In addition RNESL will also invest GBP 25 million as growth capital to accelerate commercial roll out Based out of Sheffield and Oxford in UK and with its patented sodium-ion battery technology Faradion is one of the leading global battery technology companies It has a competitively superior strategic wide-reaching and extensive IP portfolio covering several aspects of sodium-ion technology Reliance will use Faradions 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 India