INSUBCONTINENT EXCLUSIVE:
Reliance's renewable energy arm will invest an additional GBP 25 million as part of the dealBillionaire Mukesh Ambani-owned Reliance
Industries announced on Friday that it will buy UK-based solar battery company Faradion Limite for an enterprise value of GBP 100 million,
to strengthen its multi-billion-dollar clean energy portfolio.The oil-to-retail conglomerate said in its regulatory filing to the stock
exchanges today that Reliance New Energy Solar Ltd (RNESL), - a wholly-owned unit of Reliance, signed definitive agreements to acquire 100
per cent shareholding in Faradion for an enterprise value of GBP 100 million.The renewable energy arm will invest an additional GBP 25
million as growth capital to accelerate the commercial roll-out, the company said in its statement.Based out of Sheffield and Oxford in the
UK and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies
The firm has a competitively superior, strategic, and extensive IP portfolio, covering several aspects of sodium-ion technology.Faradion's
sodium-ion technology provides significant advantages compared to alternative battery technologies, especially lithium-ion and lead-acid
These advantages include no dependence and use of cobalt, lithium, copper or graphite, said Reliance.Also, it is patented zero-volt safe
transport and storage, low cost and has fast charging capability
It utilises existing lithium-ion manufacturing infrastructure and is already proven with multiple commercial manufacturing partners
statement.''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,'' said Mr
Mukesh Ambani, Chairman of Reliance Industries."Most importantly, it utilizes 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,'' added Mr Ambani.Since October 10, Reliance has made several acquisitions and strategic investments to
give shape to its green energy business that spans solar, battery, and hydrogen investments
It seeks to gain access to cutting-edge technology that can reduce the cost of renewable energy production, especially in solar energy
generation.Reliance has put $1.2 billion in partnerships with NexWafe, Sterling and Wilson, Stiesal, and Ambri in its efforts to build a
fully integrated end-to-end renewable energy ecosystem."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,'' said Dr
Chris Wright, Chairman and Co-Founder Faradion.Reliance, which is expected to continue to invest in technology - such as fuel cells and key
materials for the clean energy sector, is likely to commercialise the acquired technologies and set up manufacturing plants in India.Mukesh
Ambani at the company's shareholders' meeting in June announced its plan to invest $10 billion in low carbon energy, which marks another
chapter in the transformation of the company.Over the next three years, Reliance will spend Rs 60,000 crore to construct four 'Giga
factories' to make integrated solar PV modules, electrolysers, fuel cells, and batteries to store energy from the grid.The site of these
plants will be located at the new 5,000 acres Green Energy Giga Complex in Jamnagar
An additional Rs 15,000 crore will be used for investments across the value chain, technology, and partnerships for the new energy
business.Shares of Reliance Industries were last trading 0.48 per cent higher at Rs 2,367.80 apiece on the bSE
Reliance opened on the BSE at Rs 2,370, swinging to an intra day high of Rs 2,379.45 and an intra day low of Rs 2,360.05, in the trading
