The Indian conglomerate stated on December 31 that Reliance New Energy Solar Limited (RNESL), the clean energy division of Reliance Industries, has signed a definitive agreement to acquire 100% of Faradion Limited at a price of 100 million pounds (over 10 billion rupees). .

“The company’s wholly-owned subsidiary, Reliance New Energy Solar Limited (RNESL), has reached an agreement with Faradion Limited (Faradion) and its shareholders to acquire 100% of Faradion’s equity in a secondary transaction. The total value is based on an enterprise value of £100 million, 9442 Ten thousand pounds…” RIL stated in the filing of the stock exchange.

According to regulatory documents, the RIL subsidiary will acquire an 88.92% stake in Faradion for a total consideration of 83.97 million (843 million Indian rupees) at the end of the transaction, which is expected to be completed in early January 2022. It added that the remaining 11.08% stake in Faradion will be acquired for a total consideration of up to 10.45 million pounds (10.4 billion Indian rupees) within 3 years after the transaction is completed.

Reliance New Energy Solar also agreed to subscribe for new shares in Faradion for a total consideration of 31.59 million pounds (31.7 billion Indian rupees), of which 25 million pounds (2.5 billion Indian rupees) will be used as growth capital to accelerate commercial promotion and to repay debt and other expenses Balance.

The announcement is in line with billionaire Mukesh Ambani’s ambitious plan to invest 75,000 crore in the next three years to establish a new clean energy business, aiming to achieve RIL by 2035 to achieve net carbon And the promise. The plan consists of three parts-a core investment of 60,000 rupees in four gigabit factories, which will manufacture and fully integrate all key components of the business; another 15,000 crore investment for the establishment of a development value chain and cooperation Partnership and future technology. Reliance will use Faradion’s state-of-the-art technology in its proposed fully integrated energy storage gigabit plant as part of the Jamnagar India project in the Dhirubhai Ambani green energy gigabit complex.

“This will further consolidate and consolidate our ambition to create one of the most advanced and integrated new energy ecosystems, and put India at the forefront of leading battery technology. The sodium ion technology developed by Faradion provides the world’s leading energy storage and A battery solution that is safe, sustainable, provides high energy density and is cost-competitive. In addition, it also has a wide range of applications from mobility to grid-scale storage and backup power,” RIL Chairman Ambani Said in a statement.

Headquartered in Sheffield and Oxford, Faradion holds patents for sodium ion battery technology and has a competitive, strategic, broad and extensive intellectual property portfolio covering many aspects of sodium ion technology.

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