Faradion, a battery tech firm based in UK, acquired by Reliance New Energy Solar
Faradion's state-of-the-art technology will be used by Reliance at its proposed fully integrated energy storage gigafactory
On Friday, Reliance Industries' wholly-owned subsidiary Reliance New Energy Solar Ltd (RNESL) announced that it has inked definitive agreements to acquire a 100% stake in Faradion, a global battery technology firm based in the United Kingdom. The deal will be for a total of 100 million pounds. In addition, RNESL will invest 25 million pounds in expansion capital to speed up commercialization.
Faradion's state-of-the-art technology will be used at Reliance's projected fully integrated energy storage giga-factory as part of the Dhirubhai Ambani Green Energy Giga Complex project in Jamnagar, according to a statement.
Faradion, a battery technology business based in Sheffield and Oxford, has a broad IP portfolio that covers numerous facets of sodium-ion technology.
Faradion's sodium-ion technology, according to Reliance, has considerable benefits over lithium-ion and lead acid batteries. The technology is believed to be sustainable because it does not rely on cobalt, lithium, copper, or graphite. It is less expensive than lead-acid, has more scalability, performs better, and can charge and discharge quickly.
"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."