Reliance says it will use Faradion’s state-of-the-art technology at its proposed fully integrated energy storage gigafactory as part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar, India.
31 Dec 2021 | 8572 Views | By Autocar Professional Bureau
Reliance New Energy Solar (RNES), a wholly-owned subsidiary of Reliance Industries has signed a definitive agreements to acquire 100% shareholding in UK-based Faradion, a leading company working on sodium-ion battery technology for GBP 100 million (Rs 905 crore). In addition, RNES will also invest GBP 25 million (Rs 227 crore) ...
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Reliance New Energy Solar (RNES), a wholly-owned subsidiary of Reliance Industries has signed a definitive agreements to acquire 100% shareholding in UK-based Faradion, a leading company working on sodium-ion battery technology for GBP 100 million (Rs 905 crore). In addition, RNES will also invest GBP 25 million (Rs 227 crore) as growth capital to accelerate commercial rollout of the battery tech.
Interestingly, it was in April 2020, when Faradion bagged its bags first order for sodium-ion batteries from ICM Australia, and also revealed its plans to set up manufacturing in India. Furthermore, the company has also partnered with Gurgaon-based start-up Infraprime Logistics Technologies (IPLTech) for its high energy sodium-ion batteries for use in commercial vehicles in the Indian market. What’s more, in addition to Faradion, India’s Sodion Energy and China’s CATL also have been working on sodium-ion tech.
With this acquisition Reliance will look to further accelerate the potential use-case of sodium-ion technology, which provides significant advantages compared to alternative battery technologies, especially lithium-ion and lead acid, including:
Reliance says it will use Faradion’s state-of-the-art technology at its proposed fully integrated energy storage gigafactory as part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar, India.
Mukesh Ambani, chairman, Reliance Industries said, “We welcome Faradion and its experienced team to Reliance family. 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 utilises 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 commercialise the technology through building integrated and end-to-end giga scale manufacturing in India.”
James Quinn, CEO, Faradion, said, “Faradion has been one of the first to champion sodium-ion battery technology. Reliance is the perfect partner for supporting Faradion’s growth in the rapidly expanding Indian market and to jointly speed up the transformation of the global energy market. Becoming part of the Reliance group validates the incredible work our team has done in advancing sodium-ion technology. Together with Reliance, Faradion can bring British innovation to India and globally, as the world increasingly looks beyond lithium. We look forward to being part of India’s Net Zero mission.”
Dr. Chris Wright, chairman and co-founder, Faradion, said, “Dr Jerry Barker, Ashwin Kumaraswamy and I founded Faradion in 2010 to develop sodium-ion technology and bring it to market, with funds from Mercia Asset Management. This deal with Reliance firmly establishes Faradion’s sodium-ion batteries as an integral part of the global value chain for cheaper, cleaner, more sustainable energy for decades to come.”