Reliance New Energy Solar Fully Acquires Faradion, Advancing Sodium-Ion Battery Tech

29 Oct 2024 , 08:17 PM

Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries, has successfully acquired the remaining equity stake of nearly 8% in Faradion Limited, a leading company in sodium-ion battery technology. This acquisition was finalized on October 28, 2024, granting RNESL full ownership of Faradion.

The acquisition announcement was made on October 29, 2024, where Reliance Industries confirmed that RNESL has purchased the balance equity stake from existing shareholders, officially making Faradion a wholly-owned subsidiary.

Reliance’s interest in Faradion dates back to December 2021, when the company announced a total investment valued at £100 million. This included an initial £25 million investment designated as growth capital for Faradion.

Faradion operates out of Sheffield and Oxford in the UK and specializes in providing high-density, sustainable, and competitively priced battery technology, making it a key player in the energy storage sector.

RNESL plans to utilize Faradion’s cutting-edge sodium-ion battery technology in its proposed fully integrated energy storage gigafactory, part of the larger Dhirubhai Ambani Green Energy Giga Complex project located in Jamnagar.

While conventional lithium-ion batteries are widely used in electric vehicles, they come with drawbacks such as high manufacturing costs and instability at elevated temperatures. Sodium-ion batteries, on the other hand, offer a sustainable alternative with key advantages, including affordability, safety, and lower environmental impact.

Faradion’s innovative approach helps address the energy density limitations typically associated with sodium-ion technology, providing high-energy-density batteries that meet the growing demand for efficient energy storage solutions.

This acquisition positions Reliance New Energy Solar Ltd at the forefront of sustainable energy technology, promoting advancements that align with global efforts towards greener energy solutions.