MOSCOW (MRC) -- Reliance New Energy Solar Ltd, a Reliance Industries subsidiary, has acquired 100% shareholding in UK-based firm Faradion Limited for GBP 100 million, reporte Business Standard.
Reliance will spend an additional GBP 25 million to accelerate its roll out, Reliance Industries said in a press release.
Faradion Limited is a leading global battery technology firm that has patents of sodium-ion battery technology. The Sheffield and Oxford-based firm has a wide range of IP portfolios covering several aspects of the sodium-ion technology.
The technology provides next generation, high density, safe, sustainable and low cost energy storage technology solution, the company said.
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 in Jamnagar, the Mukesh Ambani-led firm said.
On the acquisition, Ambani said, "We welcome Faradion and its experienced team to 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."
Ambani also said that Faradion's technology will help secure India's energy storage requirements for its fast-growing renewable energy and EV charging market.
As MRC reported earlier, Indian refining giant Reliance Industries is doubling its polyethylene terephthalate (PET) recycling capacity by setting up a recycled polyester staple fiber (PSF) manufacturing facility in Andhra Pradesh. The move is part of RIL's commitment to lead the industry on circular economy, enhance its sustainability quotient and bolster the entire polyester and polymer value chain.
According to MRC's ScanPlast report, Russia's estimated PET consumption grew to 737,590 tonnes in the first eleven months in 2021, up by 14% year on year. PET consumption in Russia grew by 25% in November and reached 75,760 tonnes versus 60,520 tonnes a year earlier.
Reliance Industries is one of the world's largest producers of polymers. Thus, the company produces among others polypropylene, polyethylene and polyvinyl chloride.