Reliance forays into EV space by acquiring Faradion, a sodium-ion battery tech company

Moreover, it will also invest GBP 25 million as growth capital to accelerate the commercial rollout.

Reliance Industries Limited (RIL), a leading Indian multinational conglomerate company announced this morning that it shall acquire Faradion Limited, a leading global sodium-ion battery technology company by way of definitive agreements through its wholly-owned subsidiary namely, Reliance New Energy Solar Ltd (RNESL).  

RNESL shall acquire a 100 per cent stake in Faradion at an enterprise value of GBP 100 million. Moreover, it will also invest GBP 25 million as growth capital to accelerate the commercial rollout.   

Faradion Limited is based out of Sheffield and Oxford in the UK. With its patented sodium-ion battery technology, it has a competitively superior, strategic, wide-reaching, and extensive IP portfolio covering several aspects of sodium-ion technology.   

With this acquisition, Reliance intends to use Faradion’s state-of-the-art technology at its proposed fully-integrated energy storage gigafactory, which is a part of Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar (Gujarat, India).  

Commenting on this development, Mukesh Ambani, Chairman of Reliance Industries, said that this will be one of their many steps that will also enable, accelerate, and secure large-scale energy storage requirements for Reliance’s Indian partners developing and transforming India’s EV mobility as well as the transport sector.   

At 12.11 pm, the share price of Reliance Industries Limited (RIL) was trading at Rs 2,362.8, which was an increase of 0.27 per cent from the previous day’s closing price of Rs 2,356.45 on BSE.