India: Reliance New Energy Solar to acquire Faradion Limited
This new addition is part of the company’s plans to accelerate the country’s transition to green mobility via accessing the newly bought battery technology.
Reliance New Energy Solar Ltd, a wholly owned subsidiary of Reliance Industries Ltd., has signed definitive agreements to acquire 100% shareholding in Faradion Limited. The acquisition is part of Reliance plans to accelerate the transition to green energy for the near future. In addition to the purchase, the company will invest to accelerate its commercial roll out.
“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,” said Mukesh Ambani, Chairman of Reliance Industries.
“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,” stated Chris Wright, Chairman and Co-Founder Faradion.
Faradion is a UK-based company that focuses on battery technology, which stands out thanks to its patented sodium-ion battery technology. It also has an extensive IP portfolio that covers several aspects of its patent that provide significant advantages compared to alternative battery technologies.
“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,” commented Mr. James Quinn, CEO of Faradion.
“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 commercialise the technology through building integrated and end-to-end giga scale manufacturing in India,” added Ambani.
Reliance will use Faradion’s technology at its proposed fully integrated energy storage giga-factory. The installation will be part of the Dhirubhai Ambani Green Energy Giga Complex project being developed at Jamnagar, India.
