Faradion technology is used in a wide range of applications such as energy storage, backup power, energy in remote locations. Credit: Nikola Johnny Mirkovic on Unsplash.

India’s Reliance New Energy Solar Limited (RNESL), a subsidiary of Reliance Industries, has signed definitive agreements to acquire complete stake in UK-based sodium-ion battery technology firm Faradion, for an enterprise value of $134m (£100m).

Faradion’s sodium-ion battery technology offers low cost, high-performance, sustainable and safe energy.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Its technology is used in a wide range of applications including energy storage, backup power, energy in remote locations and mobility.

Faradion CEO James Quinn said: “Faradion has been one of the first to champion sodium-ion battery technology. Reliance is the perfect partner for supporting Faradion’s growth in the rapidly expanding Indian market and to jointly speed up the transformation of the global energy market.

“Becoming part of the Reliance group validates the incredible work our team has done in advancing sodium-ion technology.”

Additionally, RNESL has agreed to invest $33m (£25m) as growth capital to fast track commercial launch.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Reliance plans to use Faradion’s technology at its proposed energy storage giga-factory, which is part of Dhirubhai Ambani Green Energy Giga Complex project located at Jamnagar in western India.

Reliance Industries chairman Mukesh Ambani said: “We welcome Faradion and its experienced team to Reliance family. This will further strengthen and build upon our ambition to create one of the most advanced and integrated New Energy ecosystem and put India at the forefront of leading battery technologies.

“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.”

Last October, RNESL acquired complete stake in solar cell and panel manufacturer REC Solar Holdings.