M&A

M&A

Reliance to acquire UK-based battery tech provider Faradion for $135-M

BSE Release  

Reliance New Energy Solar Ltd (RNESL), the renewables arm of Mumbai-based publicly listed Reliance Industries Ltd (RIL), is to buy a 100% stake in Sheffield, UK-based sodium ion battery technology provider Faradion Ltd for about GBP 100 million (approx USD 134.97 million) including debt. The RIL arm will acquire 88.92% of the equity shares of Faradion for GBP 83.97 million at closing. It will also buy the residual equity within 3 years from closing for up to GBP 10.45 million. RNESL has also agreed to subscribe to new equity shares of Faradion for GBP 31.59 million, of which GBP 25 million is meant to serve as growth capital for accelerating commercial roll out and the balance for repayment of debt and other fees. With its patented sodium-ion battery technology, Faradion is stated to be one of the leading global battery technology companies. It has IP portfolios covering several aspects of sodium-ion technology. Reliance will use Faradion's technology at its proposed fully integrated energy storage giga-factory in Jamnagar, Gujarat.