New Delhi : Mukesh Ambani-led Reliance New Energy Solar would acquire sodium-ion battery technology company Faradion for 100 million pound. The energy major has signed definitive agreement to buy the UK firm.
Reliance New Energy would also invest 25 million pound as growth capital to accelerate commercial roll out.
Based out of Sheffield and Oxford in the 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 said in a statement.
The company further said that Faradion’s sodium-ion technology provides significant advantages compared to alternative battery technologies especially lithium-ion and lead acid.
As per the plan, 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 at Jamnagar, Gujarat.
“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,” Reliance Industries Chairman Mukesh Ambani said.
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, he further said.
Linklaters LLP acted as the legal advisor and Ernst and Young as the accounting and tax advisor to Reliance on this transaction.