Reliance New Energy Solar Ltd (RNESL), a subsidiary of Reliance Industries, has successfully acquired the remaining nearly 8% equity stake in Faradion Limited, a prominent player in sodium-ion battery technology. This acquisition, finalized on October 28, 2024, gives RNESL complete ownership of Faradion.
In a statement released on October 29, Reliance Industries confirmed that RNESL had purchased the remaining shares from Faradion’s existing shareholders. Initially, Reliance expressed its interest in Faradion in December 2021, with the deal valued at £100 million, including a £25 million investment to support the company’s growth.
Based in Sheffield and Oxford, UK, Faradion specializes in providing high-density, sustainable, and cost-effective battery technology. RNESL plans to utilize Faradion’s advanced technology in its upcoming fully integrated energy storage gigafactory, part of the Dhirubhai Ambani Green Energy Giga Complex project in Jamnagar.
While lithium-ion batteries are the predominant choice for electric vehicles, they face challenges related to stability at high temperatures and manufacturing costs. Sodium-ion batteries present a sustainable alternative, offering advantages such as affordability and safety. Although sodium batteries typically have lower energy density, Faradion compensates for this with their high-energy-density designs.
Reliance New Energy Solar Ltd (RNESL) is a key subsidiary of Reliance Industries, focused on advancing renewable energy solutions and technologies. Established as part of Reliance’s commitment to sustainability and green energy, RNESL is actively involved in the development and deployment of innovative solar energy projects and energy storage solutions.
The company aims to lead the transition towards clean energy by investing in cutting-edge technologies, including sodium-ion battery systems, which are recognized for their affordability and sustainability. RNESL is also committed to enhancing India’s energy security and reducing carbon emissions, aligning with the country’s broader goals of achieving a green economy.
Through strategic partnerships and investments in new technologies, RNESL is positioning itself as a major player in the renewable energy sector, contributing to the global fight against climate change while supporting Reliance’s vision of becoming a leader in the clean energy landscape.
