Reliance New Energy Solar Limited (RNESL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), has entered into a definitive agreement to acquire Faradion Limited’s entire shareholding for £100 million. RNESL will also invest £25 million in growth capital to help speed up commercialisation. RNESL will deploy Faradion’s technology for its projected fully integrated energy storage gigafactory in Jamnagar, western India, as part of the Dhirubhai Ambani Green Energy Giga Complex project.
According to the press statement, Faradion’s sodium-ion technology is projected to produce a global leading energy storage and battery solution that is safe, sustainable, has a high energy density and is cost-competitive. It also has a wide range of uses, ranging from mobility to grid-scale storage and backup power. Furthermore, it employs sodium, which will meet India’s energy storage needs for its massive renewable energy sector and rapidly expanding EV charging market.
Earlier this month, RIL signed an MoU with the Government of Gujarat for a total investment of Rs 5,955 billion as part of Investment Promotion Activity for Vibrant Gujarat Summit 2022. These projects would generate one million direct and indirect employment opportunities in Gujarat. RIL proposed to invest in Gujarat over the span of 10 to 15 years to set up a 100 GW renewable energy power plant and green hydrogen eco-system development in order to make the state net zero and carbon-free.