Reliance New Energy, an RIL subsidiary, completes acquisition of remaining stake in Faradion

Reliance New Energy, an RIL subsidiary, has completed the acquisition of the remaining stake in Faradion Limited.

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26 Aug, 2025 12:21

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Reliance New Energy (RNEL), a wholly-owned subsidiary of Reliance Industries, has acquired the remaining stake in sodium ion battery technology company Faradion from existing shareholders, making it a wholly-owned subsidiary, according to a stock exchange filing dated October 29.

RNEL, formerly known as Reliance New Energy Solar, had in December 2021 announced the acquisition of Faradion at an Enterprise Value of GBP 100 million. At that time, Reliance Industries had stated that it intends to use Faradion’s technology at its proposed fully-integrated energy storage giga-factory, which is part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar.

The acquisition is not a related-party transaction, and no regulatory approvals were required, the RIL statement said.

About Faradion

Faradion was started in 2011, by Jerry Barker, Chris Wright and Ashwin Kumaraswamy, to develop and bring to market sodium-ion technology. Based out of Sheffield and Oxford in the UK, Faradion is a leading global battery technology companies.

At the time of the acquisition in 2021, Faradion's CEO James Quinn had 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."

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.