Reliance New Energy Solar to Acquire Faradion Limited
Reliance New Energy Solar Ltd ("RNESL"), a wholly owned subsidiary of Reliance Industries Ltd ("Reliance"), has today signed definitive agreements to acquire 100% shareholding in Faradion Limited ("Faradion") for an enterprise value of £100 million.
Reliance New Energy Solar Ltd ("RNESL"), a wholly owned subsidiary of Reliance Industries Ltd ("Reliance"), has today signed definitive agreements to acquire 100% shareholding in Faradion Limited ("Faradion") for an enterprise value of £100 million. In addition, RNESL will also invest £25 million as growth capital to accelerate commercial roll out.
More Headlines
- Hoymiles brings Hi Series products to Europe, making energy independence simple and affordable
- Jewellok Unveils Advanced Specialty Gas Changeover Manifold Solutions for Solar Energy Industry
- NOARK Showcased at RE+ 2025 and NECA 2025 to Empower the Development of Renewable Energy and Electrical Industry
- Schneider Electric and Energy Solutions Providers Launch U.S. Initiative to Accelerate Resilient Infrastructure
- Jupiter Power, Consumers Energy Celebrate Michigan's First Operational Utility-Scale Battery Energy Storage System
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 in western India.
Mukesh Ambani, Chairman of Reliance Industries, said, "We welcome Faradion and its experienced team to our Reliance family. This will further strengthen and build upon our ambition to create one of the most advanced and integrated New Energy ecosystem and put India at the forefront of leading battery technologies.
James Quinn, CEO of Faradion, said: "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. Becoming part of the Reliance group validates the incredible work our team has done in advancing sodium-ion technology."
Featured Product
HPS EnduraCoilTM Cast Resin Medium Voltage Transformer
HPS EnduraCoil is a high-performance cast resin transformer designed for many demanding and diverse applications while minimizing both installation and maintenance costs. Coils are formed with mineral-filled epoxy, reinforced with fiberglass and cast to provide complete void-free resin impregnation throughout the entire insulation system. HPS EnduraCoil complies with the new NRCan 2019 and DOE 2016 efficiency regulations and is approved by both UL and CSA standards. It is also seismic qualified per IBC 2012/ASCE 7-10/CBC 2013. Cast resin transformers are self-extinguishing in the unlikely event of fire, environmentally friendly and offer greater resistance to short circuits. HPS also offers wide range of accessories for transformer protection and monitoring requirements.
