Reliance buys UK’s battery tech player Faradion
Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of Reliance Industries Ltd (RIL), is acquiring 100 per cent in Faradion Ltd (Faradion) for an enterprise value of £100 million or Rs 1,003 crore. Faradion is a battery technology firm based out of Sheffield and Oxford in the UK.
The acquisition is in line with massive growth plans that RIL has in clean energy. It has already struck a few deals that included a $45 million investment in NexWafe GmbH which makes photovoltaic solar wafers and a co-operation agreement with Denmark-based Stiesdal A/S (Stiesdal) for technology development, and manufacturing of the latter’s hydrogen electrolysers in India.
Earlier, RIL had also announced that its subsidiary will be picking up 40 per cent in Sterling and Wilson Solar for Rs 2,845 crore. RNESL is also acquiring REC Solar, Europe’s largest solar panel manufacturer for $771 million.
RIL said that Faradion has a competitively superior, strategic, wide-reaching and extensive portfolio covering several aspects of sodium-ion technology.
The conglomerate claimed that its sodium-ion technology provides significant advantages compared with alternative battery technologies, particularly lithium-ion and lead acid in areas such as sustainability, cost, scalability, performance and fast charge.
Tech Mahindra on Friday said it has approved a proposal for the acquisition of a 100 per cent stake in Allyis India and Green Investments, for a total consideration of up to $125 million.
The acquisition is expected to bolster Tech Mahindra’s capabilities in digital experience solutions — learning and development, marketing, instructional design; and engineering — cloud and automation, analytics, and technical support services.
Tech Mahindra would pay total consideration of up to $125 million, including employment-related and performance-related earnouts, the company said in a regulatory filing.
Reliance added that these strengths will enable it to offer a next generation, high density, safe, sustainable and low-cost energy storage technology solution. RIL will use Faradion’s state-of-the-art technology at its proposed fully integrated energy storage giga-factory.
“This will further strengthen our ambition to create one of the most advanced and integrated new energy ecosystem,” said Mukesh Ambani, chairman of RIL.