Reliance eyes using alternate energy source for battery – Sodium-Ion
Mukesh Ambani headed Reliance New Energy Solar Ltd (RNESL) on Friday announced the buyout of British battery maker Faradion Ltd for an enterprise value of GBP 100 million. Reliance New Energy Solar Ltd (RNESL) signed definitive agreements to acquire 100 percent shareholding in Faradion for an enterprise value of GBP 100 million and will invest an additional GBP 25 million as growth capital to accelerate the commercial roll-out, the company said in a statement.
Based out of Sheffield and Oxford in the UK and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies. It has a competitively superior, strategic, wide-reaching, and extensive IP portfolio, covering several aspects of sodium-ion technology.
Since October 10, RNESL has made a wave of acquisitions and strategic investments to give shape to its green energy business that spans solar, battery, and hydrogen investments. The direction largely has been towards acquiring or gaining access to cutting-edge technology that can reduce the cost of renewable energy production, especially in solar energy generation. It has put USD 1.2 billion in partnerships with REC, NexWafe, Sterling and Wilson, Stiesal, and Ambri to acquire the expertise and technology portfolio to start to build a fully integrated end-to-end renewables energy ecosystem through solar, batteries, and hydrogen. And in that series, it has now invested in the British battery maker Faradion.
“Faradion’s sodium-ion technology provides significant advantages compared to alternative battery technologies, especially lithium-ion and lead-acid,” the statement said. These advantages include no dependence and use of cobalt, lithium, copper, or graphite. Sodium is the sixth most abundant element on the planet.
“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. The acquisition will further strengthen and build upon the firm’s ambition to create one of the most advanced and integrated new energy ecosystems and put India at the forefront of leading battery technologies,” said Mukesh Ambani speaking in detail about the acquisition of the British company.
“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,” he said.
“Most importantly, it utilizes sodium, which will secure India’s energy storage requirements for its large renewable energy and fast-growing EV charging market,” he added.
Ambani said Reliance will work with Faradion management and accelerate its plans to commercialize the technology through building integrated and end-to-end Giga scale manufacturing in India.
James Quinn, CEO of Faradion, also commented, “Faradion has been one of the first to champion sodium-ion battery technology. Reliance is the perfect partner for supporting Faradion’s growth in the rapidly expanding Indian market and to jointly speed up the transformation of the global energy market”. Chris Wright, Chairman, and Co-Founder, Faradion, said, “Dr. Jerry Barker, Ashwin Kumaraswamy and I founded Faradion in 2010 to develop sodium-ion technology and bring it to market, with funds from Mercia Asset Management. This deal with Reliance firmly establishes Faradion’s sodium-ion batteries as an integral part of the global value chain for cheaper, cleaner, more sustainable energy for decades to come.”
Previously, Reliance announced the acquisition of REC Solar Holdings from China National Bluestar for USD 771 million. REC is a well-established manufacturer of polysilicon, PV cells, and modules with plants in Norway and Singapore. Using the technology of REC, Reliance will build a new integrated solar manufacturing plant in Jamnagar and expand capacity globally.
Mukesh Ambani’s firm is investing USD 45 million in NexWafe to jointly develop and commercialize at scale monocrystalline green solar wafers and is acquiring 40 percent in leading solar EPC and O&M provider Sterling and Wilson Solar Limited (SWSL). It has also signed a pact with Norway’s Stiesdal for technology development, and manufacturing of Stiesdal’s HydroGen Electrolyzers in India. Another USD 50 million has been invested in US-based Ambri to develop and commercialize Ambri’s liquid metal batteries for energy storage. Reliance Industries Ltd is also in discussion with Ambri to set up a large-scale battery manufacturing facility in India.
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