Other Private Equity/Strategic Investments
Reliance hikes stake in UK-based sodium-ion battery maker Faradion to 100%
Reliance New Energy Ltd (RNEL), a wholly-owned subsidiary of publicly-listed Industries, has acquired the remaining stake in sodium-ion battery technology company Faradion , based out of Sheffield and Oxford in the UK, from existing shareholders, making it a wholly-owned subsidiary.In December 2021, RNEL announced the acquisition of Faradion at an Enterprise Value of 100 million sterling pounds. RIL had then stated that it intends to use Faradion’s technology at its proposed fully integrated energy storage giga-factory, part of the Dhirubhai Ambani Green Energy Giga Complex facility at Jamnagar.Faradion, a global battery technology company, was started in 2011, by Jerry Barker, Chris Wright, and Ashwin Kumaraswamy, to develop and bring to market sodium-ion technology.
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