Reliance New Energy Solar, a wholly owned subsidiary of Reliance Industries, has signed a definitive agreement to acquire 100 per cent shareholding in Faradion for an enterprise value of £100 million.
In addition, RNESL will also invest £25 million 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.
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.
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Published on December 31, 2021
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