Reliance Industries’ New Energy Solar Limited (RNESL) has signed agreements to acquire 100 per cent stake in Faradion Limited for 100 million pounds.
The Indian conglomerate declared on December 31, “Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of the Company, has entered into an agreement with Faradion Limited (Faradion) and its shareholders for acquiring 100% of the equity shares of Faradion through secondary transactions for a total value of GBP 94.42Mn based on an enterprise value of GBP 100Mn…”
It will acquire 88.92 per cent of the equity shares of Faradion for an aggregate consideration of 83.97 million.
The closing is expected in early January 2022, as per the regulatory filing. The remaining 11.08 per cent of the equity shares of Faradion will be acquired within 3 years for an aggregate INR 1.04 billion.
The big announcement comes in the wake of Mukesh Ambani’s ambitious plans of investing Rs 75,000 crore towards clean energy.
Reliance Industries aims to build a green energy business to supply the equipment India will need for its green energy commitment.
Furthermore, the firm has commitments to becoming net carbon before other companies in the region.
Reliance’ Clean Energy Commitment
It aims at RIL’s commitment for going net carbon neutral by 2035. The plan has three parts—a Rs 60,000 core investment in four giga factories; another Rs 15,000 crore investment for developing the value chain, partnerships and future technologies.
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.
Moreover, Faradion has patented sodium-ion battery technology; it also has a competitive, strategic and extensive IP portfolio that covers several aspects of sodium-ion technology.
As per the RIL, the technology is sustainable, low cost, and scalable. Moreover, it has high density at par with lithium-ion phosphate and has patented zero-volt safe transport and storage.
In October this year, Reliance New Energy Solar had announced four deals in the clean energy space.
Before this, RIL made its first strategic move in the renewable energy sector with an investment of 50 million dollars in US-based energy storage company Ambri Inc.
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