Reliance New Energy (RNEL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), has acquired the remaining stake in UK-based sodium-ion battery technology company Faradion. This acquisition makes Faradion a wholly-owned subsidiary of Reliance Industries, as confirmed in a regulatory filing on Tuesday.
RNEL initially announced the acquisition of Faradion in December 2021, with an enterprise value of £100 million. Reliance plans to deploy Faradion’s proprietary sodium-ion technology at its upcoming fully integrated energy storage gigafactory, part of the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar.
Reliance noted that the acquisition is not a related-party transaction and required no regulatory approvals.
Faradion, founded in 2011 by Jerry Barker, Chris Wright, and Ashwin Kumaraswamy, is a leading global battery technology company based in Sheffield and Oxford. The firm specializes in developing and commercializing sodium-ion battery technology.
Source: Economic Times
