Reliance New Energy Solar Ltd (RNESL), today announced that the firm 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 the commercial launch.
The UK-based, battery technology company, Faradion offers a competitively superior, strategic, broad-reaching, and comprehensive IP portfolio that covers numerous elements of sodium-ion technology.
“We welcome Faradion and its experienced team to the Reliance family. This will further strengthen and build upon our ambition to create one of the most advanced and integrated New Energy ecosystems 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.”Mr. Mukesh Ambani, Chairman of Reliance Industries
He added, ‘Most importantly, it utilizes 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 commercialize the technology through building integrated and end-to-end Giga scale manufacturing in India. We believe this will be one of our many steps that will also enable, accelerate, and secure large scale energy storage requirements for our Indian partners developing and transforming India’s EV mobility and transport sector.’
As per the terms of the agreement, Reliance will deploy Faradion’s cutting-edge technology at its projected fully integrated energy storage giga-factory as part of the Dhirubhai Ambani Green Energy Giga Complex project in Jamnagar, India,
“Faradion has been one of the first to champion 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. Together with Reliance, Faradion can bring British innovation to India and globally, as the world increasingly looks beyond lithium. We look forward to being part of India’s Net Zero mission.”Mr. James Quinn, CEO of Faradion
In comparison to alternative battery technologies, especially lithium-ion and lead-acid Faradion’s sodium-ion technology provides significant advantages that combine to offer a next-generation, high density, safe, sustainable, and low-cost energy storage technology solution.
- Sustainable – There is no dependence and use of cobalt, lithium, copper or graphite. Sodium is the sixth most abundant element on the planet.
- Patented zero-volt safe transport and storage.
- Low cost – total cost of ownership already comparable to lead-acid with potential for further reductions in costs.
- Scalability – utilizes existing lithium-ion manufacturing infrastructure and is already proven with multiple commercial manufacturing partners.
- Performance – energy density on par with lithium-ion phosphate and with wider operating temperature range of -30℃ to +60℃. f) Fast charge/ discharge capability.
The Chairman, and Co-Founder of Faradion, Dr. Chris Wright said, “Dr. Jerry Barker, Ashwin Kumaraswamy, and I founded Faradion in 2010 to develop sodium-ion technology and bring it to market, with funds from Mercia Asset Management. This deal with Reliance firmly establishes Faradion’s sodium-ion batteries as an integral part of the global value chain for cheaper, cleaner, more sustainable energy for decades to come.”
As per the press release, Linklaters LLP acted as the legal advisor, and Ernst and Young as the accounting and tax advisor to Reliance on this transaction.