Reliance New Energy Solar Ltd is a subsidiary of Reliance Industries Ltd. It is set to acquire 100% holding in Faradion Limited for a value of £100 million. In addition to that, RNSEL will also invest growth capital of £25 million in the acquisition to accelerate its commercial rollout. Reliance plans on using Faradion’s technology at its proposed energy storage giga-factory at Jamnagar in Gujarat. Based in the UK, Faradion is a battery company that covers several aspects of sodium-ion technology which is significantly more advantageous as compared to Lithium-Ion battery technology.
Home » Reliance to acquire British Sodium-Ion company Faradion for £ 100 million