India: Next Generation Solution Reliance to Acquire Sodium-ion Battery Technology Provider Faradion for 135 Million Dollars

Source: Press release

The sodium-ion battery technology is claimed to be safe, sustainable, provides high energy density, is a low-cost energy storage technology solution and is significantly cost competitive as compared to other battery technologies. Reliance will make use of the technology at its fully integrated energy storage giga-factory which is a part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar, India. The acquisition will also assist India to become one of the leading countries in battery technologies.

Related Companies

The sodium-ion battery technology will secure India’s energy storage requirements for its large renewable energy and fast-growing EV charging market.
The sodium-ion battery technology will secure India’s energy storage requirements for its large renewable energy and fast-growing EV charging market.
(Source: Zaiets Roman/Adobe Stock)

Mumbai/India – Reliance New Energy Solar (RNESL), a wholly owned subsidiary of Reliance Industries, has signed definitive agreements to acquire 100 % shareholding in Faradion for an enterprise value of 135 million dollars. In addition, RNESL will also invest 34 million dollars as growth capital to accelerate commercial roll out.

Based out of Sheffield and Oxford in UK and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies. It has a competitively superior, strategic, wide-reaching and extensive IP portfolio covering several aspects of sodium-ion technology.

Faradion’s sodium-ion technology provides significant advantages compared to alternative battery technologies, especially lithium-ion and lead acid, including:

  • Sustainable – There is no dependence and use of cobalt, lithium, copper or graphite. Sodium is the sixth most abundant element on the planet.
  • Patented zero-volt safe transport and storage.
  • Low cost – total cost of ownership already comparable to lead-acid with potential for further reductions in costs.
  • Scalability – utilizes existing lithium-ion manufacturing infrastructure and is already proven with multiple commercial manufacturing partners.
  • Performance – energy density on par with lithium-ion phosphate and with wider operating temperature range of -30℃ to +60℃.
  • Fast charge/ discharge capability.

All of this combines to offer a next generation, high density, safe, sustainable and low-cost energy storage technology solution.

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

Speaking about the acquisition, Mukesh Ambani, Chairman of Reliance Industries, said, “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.”

“Most importantly, it utilizes sodium, which will secure India’s energy storage requirements for its large renewable energy and fast-growing EV charging market. We will work with Faradion management and accelerate its plans to commercialize the technology through building integrated and end-to-end giga scale manufacturing in India. 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.”

Subscribe to the newsletter now

Don't Miss out on Our Best Content

By clicking on „Subscribe to Newsletter“ I agree to the processing and use of my data according to the consent form (please expand for details) and accept the Terms of Use. For more information, please see our Privacy Policy.

Unfold for details of your consent

(ID:47915431)