Mumbai: Billionaire MukeshAmbani-owned Reliance Industries announced on Friday that it will buy UK-based solar battery company FaradionLimite for an enterprise value of GBP 100 million, to strengthen its multi-billion-dollar clean energy portfolio. The oil-to-retail conglomerate said in its regulatory filing to the stock exchanges today that Reliance New Energy Solar Ltd (RNESL), – a wholly-owned unit of Reliance, signed definitive agreements to acquire 100 per cent shareholding in Faradion for an enterprise value of GBP 100 million.
The renewable energy arm will invest an additional GBP 25 million as growth capital to accelerate the commercial roll-out, the company said in its statement. Based out of Sheffield and Oxford in the UK and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies.
The firm has a competitively superior, strategic, 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.
These advantages include no dependence and use of cobalt, lithium, copper or graphite, said Reliance. Also, it is patented zero-volt safe transport and storage, low cost and has fast charging capability.
It utilises existing lithium-ion manufacturing infrastructure and is already proven with multiple commercial manufacturing partners.
Its energy density is on par with lithium-ion phosphate and has a wider operating temperature range of 30 to +60, according to the statement. ”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 Mr. MukeshAmbani, Chairman of Reliance Industries. “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 MrAmbani.
Since October 10, Reliance has made several acquisitions and strategic investments to give shape to its green energy business that spans solar, battery, and hydrogen investments. It seeks to gain access to cutting-edge technology that can reduce the cost of renewable energy production.