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<p>Reliance New Energy Solar Limited (RNESL), the green energy arm of Reliance Industries Limited (<a href="https://www.ril.com/" target="_blank" rel="noopener">RIL</a>), has signed an agreement with sodium-ion battery technology provider <a href="https://faradion.co.uk/" target="_blank" rel="noopener">Faradion Limited</a> to acquire a 100% stake for £94.42 million (~$127.42 million). Faradion has an enterprise value of around £100 million (~$134.96 million).</p>
<p>The UK-based sodium-ion battery technology company has extensive IP portfolios covering several aspects of sodium-ion technology. It had a turnover of £197,561 (~$266,683) in 2020. In 2020, Faradion had <a href="https://mercomindia.com/faradion-inks-deal-indian-startup/" target="_blank" rel="noopener">announced</a> a partnership with Infraprime Logistics Technologies to provide batteries for commercial vehicles in the Indian electric vehicle market.</p>
<p>RNESL will acquire 88.92% of Faradion’s shares for £83.97 million (~$113.32 million) at closing expected in early January 2022. The remaining 11.08% shares will be acquired within three years for around £10.45 million (~$14.10 million).</p>
<p>RNESL will also subscribe to Faradion’s new equity shares for  £31.59 million (~$42.63 million). Of this, £25 million (~$33.74 million) will be used to accelerate the commercial rollout and the balance for debt repayment and other fees.</p>
<p>Reliance will use Faradion’s state-of-the-art technology at its proposed fully integrated energy storage giga-factory at Dhirubhai Ambani Green Energy Giga Complex Project in Jamnagar, Gujarat.</p>
<p>The sodium-ion battery technology does not utilize cobalt, lithium, copper, or graphite and has an energy density par with lithium-ion phosphate. The battery also has a wider operating temperature range of -30℃ to +60℃. The manufacturer can utilize existing lithium-ion manufacturing infrastructure to produce sodium-ion batteries, which has low-cost compared to lead-acid batteries.</p>
<p>Commenting on the acquisition, Mukesh Ambani, Chairman of RIL, said, “We will work with Faradion management to accelerate its plans to commercialize the technology by building integrated and end-to-end Giga scale manufacturing in India. “</p>
<p>Faradion’s acquisition comes after Reliance’s recent investment and acquisitions in the renewable energy sector. In October 2021, RNESL <a href="https://mercomindia.com/reliance-buy-stake-sterling-wilson/" target="_blank" rel="noopener">signed</a> an agreement with Shapoorji Pallonji and Company to acquire a 40% stake in Sterling and Wilson Solar through a combination of primary investment, a secondary purchase, and an open offer.</p>
<p>During the same month, RNESL <a href="https://mercomindia.com/reliance-acquires-rec-solar-holding/" target="_blank" rel="noopener">acquired</a> REC Solar Holdings, a Norway-headquartered solar cell, modules, and polysilicon manufacturing company, from China National Bluestar Group for $771 million. It also said that it would invest €25 million (~$29 million) in NexWafe, a Germany-based solar wafer manufacturer.</p>
<p>Earlier this year, Reliance <a href="https://mercomindia.com/reliance-foray-into-solar-battery/" target="_blank" rel="noopener">announced</a> that it would invest ₹750 billion (~$10 billion) to build an integrated solar photovoltaic factory, advanced energy storage battery manufacturing unit, green hydrogen, and fuel cell facility in Gujarat’s Jamnagar.</p>
<p>According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/9m-q3-2021-funding-ma-report-storage-grid-efficiency/">9M and Q3 Funding and M&amp;A Report for Storage, Grid, and Efficiency</a>, the sector witnessed 15 battery storage merger and acquisition transactions in 9M 2021 compared to 11 transactions in the same period last year.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Reliance to Acquire Sodium-Ion Battery Technology Provider Faradion for £94 Million

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