Reliance Arm Acquires 100% Stake In UK-Based Faradion Limited For 100 Million Pounds

Billionaire Mukesh Ambani-owned Reliance Industries announced on Friday that it will buy UK-based solar battery company Faradion Limited 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.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 aims to gain access to cutting-edge technology that can reducse the cost of renewable energy production, especially in solar energy generation.It has put USD 1.2 billion in partnerships with REC, NexWafe, Sterling and Wilson, Stiesal and Ambri to acquire the expertise and technology portfolio to start to build a fully integrated end-to-end renewables energy ecosystem through solar, batteries and hydrogen. And in that series, it has now invested in the British battery maker.”Faradion’s sodium-ion technology provides significant advantages compared to alternative battery technologies, especially lithium-ion and lead-acid,” the statement said.These advantages include no dependence and use of cobalt, lithium, copper or graphite. Sodium is the sixth most abundant element on the planet.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. Energy density on par with lithium-ion phosphate and with a wider operating temperature range of -30℃ to 60℃.”All of this combines to offer a next-generation, high density, safe, sustainable and low-cost energy storage technology solution,” it said.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.It is targeting solar manufacturing of 100 GW and green hydrogen costs of USD 1 per kg by 2030. It plans to spend USD 10 billion on the new energy business over the next 3 years towards achieving these targets.Previously, Reliance announced the acquisition of REC Solar Holdings from China National Bluestar for USD 771 million.REC is a well-established manufacturer of polysilicon, PV cells and modules with plants in Norway and Singapore. Using the technology of REC, Reliance will build a new integrated solar manufacturing plant in Jamnagar and expand capacity globally.Ambani’s firm is investing USD 45 million in NexWafe to jointly develop and commercialise at scale monocrystalline green solar wafers and is acquiring 40 per cent in leading solar EPC and O&M provider Sterling and Wilson Solar Limited (SWSL).It has also signed a pact with Norway’s Stiesdal for technology development, and manufacturing of Stiesdal’s HydroGen Electrolyzers in India.Another USD 50 million has been invested in US-based Ambri to develop and commercialise Ambri’s liquid metal batteries for energy storage.Reliance is also in discussion with Ambri to set up a large-scale battery manufacturing facility in India.Mukesh Ambani at the company’s shareholders’ meeting in June announced its plan to invest USD 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 session so far.



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