Reliance New Energy acquires additional stake in sodium-ion battery major Faradion
Reliance New Energy (RNEL), a wholly-owned subsidiary of Reliance Industries, has acquired the remaining stake in sodium-ion battery technology company Faradion from existing shareholders, making it a wholly-owned subsidiary, the company said in a regulatory filing on Tuesday.
RNEL, in December 2021 announced the acquisition of Faradion at an Enterprise Value of £100 million. RIL had then stated that it intends to use Faradion’s technology at its proposed fully integrated energy storage giga-factory, part of the Dhirubhai Ambani Green Energy Giga Complex facility at Jamnagar.
The acquisition is not a related-party transaction, and no regulatory approvals were required, RIL said.
Based out of Sheffield and Oxford in the UK, Faradion is a leading global battery technology company. Faradion was started in 2011, by Jerry Barker, Chris Wright, and Ashwin Kumaraswamy, to develop and bring to market sodium-ion technology.
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