RIL acquires UK battery technology supplier for £ 100million

Mumbai: Reliance Industries (RIL) has agreed to acquire UK sodium-ion battery technology supplier Faradion for £ 100million, including debt. It will also invest £ 25million in growth capital in Faradion to accelerate a commercial deployment.
RIL has invested in new energy assets such as Norwegian REC Solar, Indian Sterling & Wilson Solar, German NexWafe, Danish Stiesdal and US Ambri to build its portfolio as it seeks to move away from fossil fuels.
Based in Sheffield and Oxford in the UK, Faradion has an intellectual property portfolio covering several aspects of sodium-ion technology. The technology has many applications, from mobility to network-wide storage and back-up power. The $ 74 billion RIL will use Faradion’s technology in its energy storage plant project in Jamnagar (Gujarat), he said.
Faradion’s investment is part of its strategy to enable and accelerate its transition to green energy, as it aims to become a zero carbon company by 2035. In June, RIL announced an investment of Rs 75 000 crore in clean energy. “Faradion’s investment will strengthen and build on our ambition to create one of the most advanced and integrated new energy ecosystems,” said RIL President Mukesh Ambani.
Faradion CEO James Quinn said: “With Reliance, Faradion can bring British innovation to India and the world, as the world increasingly looks beyond lithium. ”

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