Reliance Industries announces purchase of UK-based power storage battery technology company

Mumbai. Reliance New Energy Solar Ltd (RNESL), a subsidiary of Reliance Industries, on Friday announced the acquisition of entire stake in UK-based battery technology company Faradion. Faradion is a leader in the technology of various aspects of power storage sodium-ion batteries and operates on a global scale. Reliance Industries has informed the stock exchanges that it has done this deal for 100 million pounds, about one thousand crore rupees.

RNESL will also infuse an additional £25 million in capital to expand the business of the acquired company and to rapidly introduce new products to the market. Reliance has said it will use state-of-the-art Faradion technology at the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, India. Reliance Industries is about to set up a huge battery (power storage) factory in Jamnagar. Faradion’s operates out of Sheffield and Oxford. According to Reliance Industries, Faradion’s sodium-ion technology is much better than products like lithium-ion and cc-acid batteries.

According to the company, its technology is a healthy technology as it does not rely on cobalt, lithium, copper or graphite. Its battery cost is low and recharge is quick. Mukesh Ambani, the head of Reliance Industries, has said that this acquisition will strengthen our ambition to develop the most advanced and integrated industrial environment of new energy in India and place India at the forefront of the storage battery sector. There will be progress. (talk)