RIL arm buys Faradian in Britain for Rs 1 trillion

“Batteries are entitled to low cost and are already comparable to lead-acid, and have the potential for cost savings,” the company said.

Reliance New Energy Solar (RNESL), a wholly-owned subsidiary of Reliance Industries (RIL), announced on Friday that it had reached a firm agreement to acquire Fordian, a US-based Oxford-based sodium-ion battery maker, for corporate value. மில்லியன் 100 million or Rs 1,000 crore.

The company said in a statement that RNSL would spend 25 25 million on growth capital to use the batteries commercially in India.

As part of the deal, RNSL will buy an 88.92% stake in Faradian for 83 83.97 million in early January. RIL said the remaining 11.08% of the shares would be bought for a maximum of 45 10.45 million within three years of the first installment.

“RNESL has agreed to pay a total of .5 31.59 million worth of new Faradian shares, of which 25 25 million is the growth capital owed to expedite business use and repay the debt,” RIL said.

To achieve net carbon neutrality by 2035, the clean energy sector will need Rs. 75,000 crore is planned to be invested. The project will cover four Giga factories at a cost of Rs. 60,000 crore has been invested. A further Rs 15,000 crore will be added to the value chain, partnership and development and development of future technologies.

RIL plans to use Faradian’s sodium-ion battery technology at its proposed Dhirubhai Ambani Green Energy Giga Complex Giga-Energy Storage plant in Jamnagar, Gujarat. Sodium-ion technology is expected to offer significant advantages over lithium-ion and lead-acid batteries because it is not dependent on cobalt, lithium, copper or graphite. It is said to be the sixth most abundant element on the planet.

See also  Finance - Despite the tax increase, there is a small amount in the UK

“Batteries are entitled to low cost and are already comparable to lead-acid, and have the potential for cost savings,” the company said.

Mukesh Ambani, Chairman, Reliance Industries, said, “We will work with Faradian management to expedite their plans to commercialize technology by creating integrated and end-to-end Giga-scale production in India. “

Since August this year, through its renewable division, RIL has invested in five global companies to upgrade its clean energy portfolio. In August, the company announced a $ 50 million investment in US-based Ambri Inc, followed in October by four transactions, including the German “Green Solar Wafer” technology company NexWafe GmbH; An agreement with the Danish company Steadel A / S for a hydrogen electrolyzer; Acquisition of 100% stake in solar panel maker REC Solar Holdings AS from China National Bluestar (Group) Co. and 40% stake in Sterling & Wilson Power.

The Financial Express is now in the Telegram. Click here to join our channel and stay up to date with the latest news and updates from Biz.

Leave a Reply

Your email address will not be published. Required fields are marked *