Reliance Clean Energy Portfolio: Under the deal, the country’s largest company by market capital, Reliance’s solar unit, has signed a definitive agreement for a 100 percent stake in the British company.
Reliance Clean Energy Portfolio: The clean energy portfolio of Reliance Industries, owned by veteran businessman Mukesh Ambani, has increased. Reliance New Energy Solar Limited, a subsidiary of Reliance, has announced the acquisition of UK battery maker Faradion. Under this deal, Reliance New Energy Solar will buy 100 percent stake in the British company for 100 million pounds (Rs 10 thousand crore).
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Additional investment of Rs 250 crore under the deal
Under the deal, the country’s largest company Reliance’s solar unit by market capital has signed a definitive agreement for 100 percent stake in the British company. Under this deal, Reliance New Energy Solar will buy Faradion’s entire stake for $ 10 thousand million and invest an additional 25 million British pounds (Rs 250 crore) in it. According to the statement issued by the company, this investment will be done in the form of growth capital to increase the commercial roll-out.
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What are the benefits to Reliance from this deal?
British company Faradion holds the patent for sodium ion battery technology and is one of the leading battery technology companies globally. According to a statement issued by Reliance, Faradion’s sodium-ion technology is superior to other battery technology, especially compared to lithium-ion and lead-acid technology. The biggest advantage of this technique is that it does not have to depend on cobalt, lithium, copper and graphite and when it comes to the abundance of sodium, it is the sixth most abundant element on this planet. The trend of electric vehicles is increasing rapidly in India and the market of mobile is also huge here. In such a situation, Reliance’s capacity will increase on the basis of Faradion’s patented technology. Mukesh Ambani said about this deal that this will make India’s energy storage capacity stronger and safer.
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