India’s Reliance New Energy Solar Limited (RNESL), a subsidiary of Reliance Industries, has signed definitive agreements to acquire complete stake in UK-based sodium-ion battery technology firm Faradion, for an enterprise value of $134m (£100m).
Faradion’s sodium-ion battery technology offers low cost, high-performance, sustainable and safe energy.
Its technology is used in a wide range of applications including energy storage, backup power, energy in remote locations and mobility.
Faradion CEO James Quinn said: “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.”
Additionally, RNESL has agreed to invest $33m (£25m) as growth capital to fast track commercial launch.
Reliance plans to use Faradion’s technology at its proposed energy storage giga-factory, which is part of Dhirubhai Ambani Green Energy Giga Complex project located at Jamnagar in western India.
Reliance Industries chairman Mukesh Ambani said: “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.
“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.”