As a part of Executing Mukesh Ambani’s ambitious plans of investing Rs 75,000 crore over the next three years to build a new clean energy business aimed at RIL’s commitment to be net carbon neutral by 2035, Reliance New Energy Solar Limited (RNESL), has signed definitive agreements to acquire 100% stake in Faradion Limited for 100 million pounds (approx. 10 billion rupees) on December 31.
Ambani, is always, well ahead of the time which he commits
According to the regulatory filing – RNESL will acquire 88.92% of the equity shares of Faradion for an aggregate consideration of INR 8.43 million at closing, which is expected in early January 2022
Leverage – Reliance will use Faradion’s state-of-the-art technology at its proposed fully integrated energy storage giga-factory as part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar, India
Chairman’s Statement –
This will further strengthen and build upon our ambition to create one of the most advanced and integrated new energy ecosystem and put India at the forefront of leading battery technologies. The sodium-ion technology developed by Faradion provides a globally leading energy storage and battery solution which is safe, sustainable, provides high energy density and is significantly cost competitive. In addition, it has wide use applications from mobility to grid scale storage and back-up power
Most importantly, it utilizes sodium, which will secure India’s energy storage requirements for its large renewable energy and fast-growing EV charging market. We will work with Faradion management and accelerate its plans to commercialise the technology through building integrated and end-to-end giga scale manufacturing in India
This move from Reliance Group is expected to have a massive impact on the growth of Green Energy, EV & the allied industries