United Kingdom – Reliance New Energy Solar, a wholly owned subsidiary of Reliance Industries, has signed definitive agreements to purchase Faradion Limited’s entire shareholding for GBP 100 million.
RNESL will also invest GBP 25 million in growth capital to help speed up commercialization. Faradion is a global battery technology company based in Sheffield and Oxford, United Kingdom, with patented sodium-ion battery technology. It has a competitively superior, strategic, broad-reaching, and comprehensive IP portfolio that covers several aspects of sodium-ion technology.
In comparison to other battery technologies, such as lithium-ion and lead acid, Faradion’s sodium-ion technology offers significant benefits. Faradion’s cutting-edge technology will be used by Reliance at its proposed fully integrated energy storage gigafactory in Jamnagar, India, as part of the Dhirubhai Ambani Green Energy Giga Complex project.