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Reliance New Energy Solar to Acquire Faradion Limited

 Mumbai, Dec 31, 2021(FASTMAIL)- Reliance New Energy Solar Ltd (“RNESL”), a wholly owned subsidiary of Reliance Industries Ltd., has signed definitive agreements to acquire 100% shareholding in Faradion Limited (“Faradion”) for an enterprise value of GBP 100 Mn. In addition, RNESL will also invest GBP 25 Mn as growth capital to accelerate commercial roll out.

Based out of Sheffield and Oxford in UK and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies. It has a competitively superior, strategic, wide-reaching and extensive IP portfolio covering several aspects of sodium-ion technology.

Faradion’s sodium-ion technology provides significant advantages compared to alternative battery technologies, especially lithium-ion and lead acid, including:

a)     Sustainable – There is no dependence and use of cobalt, lithium, copper or graphite. Sodium is the sixth most abundant element on the planet.

b)     Patented zero-volt safe transport and storage.

c)     Low cost – total cost of ownership already comparable to lead-acid with potential for further reductions in costs.

d)     Scalability – utilises existing lithium-ion manufacturing infrastructure and is already proven with multiple commercial manufacturing partners.

e)     Performance – energy density on par with lithium-ion phosphate and with wider operating temperature range of -30? to +60?.

f)       Fast charge/ discharge capability.

All of this combines to offer a next generation, high density, safe, sustainable and low-cost energy storage technology solution.

 

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