Faradion was the first company of the new Millennium to identify and exploit the potential of sodium ions in a rechargeable battery.
New Delhi: Mukesh Ambani-led Reliance New Energy (RNEL), a subsidiary wholly-owned by Reliance Industries, has acquired the remaining stake in sodium-ion battery technology company Faradion from existing shareholders, making it a wholly-owned subsidiary, according to a stock exchange filing dated October 29.
To recall, in December 2021, the RNEL, formerly known as Reliance New Energy Solar, announced the acquisition of Faradion at an Enterprise Value of GBP 100 million. The company had then stated that it intends to use Faradion’s technology at its proposed fully-integrated energy storage giga-factory. The giga factory is part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar.
The acquisition is not a related-party transaction, and no regulatory approvals were required, the RIL statement said.
All About Faradion:
- Faradion was founded in 2011 to develop sodium-ion technology.
- Faradion was the first company of the new Millennium to identify and exploit the potential of sodium ions in a rechargeable battery.
- With more patents in this area than competing Na-ion companies, Faradion can cement it’s position as market leader of non-aqueous sodium-ion batteries.
- Faradion has an extensive IP portfolio as well as the people, investors and partners to take advantage of a wealth of business opportunities.
- Faradion’s sodium-ion batteries are recognised as an emergent technology and a key part of the solution for cheaper, cleaner energy.
Faradion is cheaper and safer than lithium-ion, with a higher energy density and a wider operating temperature range than other batteries. The licensees and partners are now manufacturing our sodium-ion batteries to demonstrate the cost, safety and performance advantages of our technology in real-world applications.