RNESL has additionally agreed to commit $33m in Faradion as development capital to expedite business rollout.
India’s Reliance New Energy Solar Limited (RNESL), a subsidiary of Reliance Industries, has signed definitive agreements to get a total stake in UK-based sodium-ion battery technology firm Faradion for an enterprise valuation of $134m (£100m).
Faradion’s sodium-ion battery technology offers a low, high-performance, safe, and sustainable energy cost.
The technology of its is utilized in a broad range of uses like power storage, backup power, electricity in remote locations, and mobility.
Faradic CEO James Quinn said: “Faradion continues to be among the first to champion sodium-ion battery technologies. Reliance is the ideal partner for supporting Faradion’s development in the quickly growing Indian market and collectively accelerating the transformation of the worldwide power sector.
“Becoming an element of the Reliance class validates the amazing work the team of ours did to advancing sodium-ion technology.”
Furthermore, RNESL has agreed to commit $33m (£25m) as development capital to fast-track business launches.
Reliance plans to use Faradion’s technology at its suggested energy storage space Giga factory, an element of Dhirubhai Ambani Green Energy Giga Complex task located at Jamnagar in western India.
Reliance Industries chairman Mukesh Ambani said: “We terrific Faradion and its skilled staff to Reliance family. This can further strengthen and build upon our drive to create just about the most sophisticated and incorporated New Energy ecosystem and place India at the forefront of leading battery technologies.
“The sodium-ion technology created by Faradion offers worldwide leading energy storage, as well as battery solution that is secure, sustainable, gives high energy density, and it is substantially cost-competitive. Additionally, it’s broad utilize programs from mobility to power grid-scale storage as well as back up power.”