RIL’s arm to buy UK-based battery firm Faradion

New Delhi, Dec 31 : Reliance Industries wholly-owned unit Reliance New Energy Solar on Friday said it will acquire 100 per cent stake in the UK-based solar batter company Faradion for 100 million pounds.

Besides, Reliance arm will also invest 25 million pounds as growth capital to accelerate commercial roll out of Faradion’s products.

Faradion is one of the leading global battery technology companies.

Reliance will use Faradion’s technology at its proposed fully integrated energy storage giga-factory as part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar, Gujarat.

“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.

“We believe this will be one of our many steps that will also enable, accelerate, and secure large scale energy storage requirements for our Indian partners developing and transforming India’s EV mobility and transport sector.”

James Quinn, CEO of Faradion, said: “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.”

India aims to become a net zero emitter nation by 2070.