Reliance New Energy Solar Ltd (RNESL), a subsidiary of Reliance Industries Ltd (RIL), has inked a definitive deal to purchase a 100% share in Faradion Limited in the United Kingdom for GBP 100 million.
Faradion is one of the leading global battery technology firms, according to RNESL, with its unique sodium-ion battery technology and a competitively superior, strategic, wide-reaching, and broad IP portfolio covering numerous elements of sodium-ion technology.
RNESL will also invest another GBP 25 million in the corporation as growth capital in order to speed up commercial rollout, according to the company.
Faradion's cutting-edge technology will be used by RIL at its projected fully integrated energy storage gigafactory as part of the Dhirubhai Ambani Green Energy Giga Complex project in Jamnagar, according to the company.
"Faradion's sodium-ion technology is a world-leading energy storage and battery solution that is safe, sustainable, has a high energy density, and is much less expensive. It also has a wide range of uses, ranging from mobility to grid-scale storage and backup power "Chairman of Reliance Industries Mukesh Ambani remarked.