Reliance New Energy (RNEL), a wholly-owned subsidiary of Reliance Industries, has acquired the remaining stake in sodium-ion battery technology company Faradion, making it a wholly-owned subsidiary. This development was announced in a stock exchange filing dated October 29, 2024.
RNEL had initially acquired a stake in Faradion in December 2021 at an enterprise value of GBP 100 million. The company aims to utilize Faradion’s technology for its planned fully-integrated energy storage giga-factory, which is part of the Dhirubhai Ambani Green Energy Giga Complex project located in Jamnagar.
The acquisition is classified as a non-related-party transaction, and no regulatory approvals were required, according to Reliance Industries’ statement.
About Faradion: Founded in 2011 by Jerry Barker, Chris Wright, and Ashwin Kumaraswamy, Faradion is based in Sheffield and Oxford, UK. It is recognized as a leading player in the sodium-ion battery technology sector. At the time of the initial acquisition announcement, Faradion’s CEO, James Quinn, remarked that Reliance is an ideal partner to support Faradion’s growth in the rapidly expanding Indian market and to jointly advance the transformation of the global energy market.
Disclaimer: This information is for informational purposes only and does not constitute financial or investment advice. Reliance Industries’ acquisition of Faradion involves risks, and potential investors should conduct their own research or consult a financial advisor before making investment decisions.
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