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.

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."