- Approximately Rs. 250 crore will also stop
Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of Reliance Industries Limited, has entered into definite agreements to acquire 100% shareholding in Faradayan Limited with an enterprise value of 100 million Great Britain pounds (approximately Rs. 1,003 crore). In addition, RNESL will invest 25 25 million (approximately Rs. 250 crore) to start a commercial activity. Reliance will use Ferrari’s state-of-the-art technology at its proposed fully integrated energy storage giga factory in the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar, India.
With the Sheffield and Oxford-based company in the UK and its patent for sodium-ion battery technology, Faraday is one of the leading global battery technology companies. It has a competitively optimized, strategic, extensive and comprehensive IP portfolio covering various aspects of sodium-ion technology. Faraday’s sodium-ion technology offers significant advantages over alternative battery technology.
Advantages of sodium-ion technology
- Durability: No dependence on cobalt, lithium, copper or graphite and no use. Sodium is the sixth most abundant element on earth.
- Patent: A patent with zero-volt safe transport and storage capacity
- Low cost: A battery with this technology can be easily priced with lead-acid, and further reduction in cost is possible.
- Scalability: Uses only existing lithium-ion manufacturing infrastructure and this method has already been proven by multiple commercial manufacturing partners.
- Performance: Lithium-ion phosphate equivalent energy density and with extended operating temperature range from -30 ℃ to + 60.
- Speed: Charging and discharge capacity.
With this agreement, India will be at the forefront of battery technology
, ”said Mukesh Ambani, Chairman, Reliance Industries. The sodium-ion technology developed by Ferrarium provides a globally leading energy storage and battery solution that provides safe, durable, high energy density and is significantly competitive. In addition, it has a wide range of applications ranging from mobility to grid scale storage and back-up power.
Electric vehicles would be important for charging
Mukesh Ambani said, using the technology of sodium, which is India’s fastest growing energy and renewable energy for electric vehicle charging market will secure storage needs. We will work with Faraday Management and accelerate its plans to commercialize the technology in India through integrated and end-to-end giga scale manufacturing. The development and transformation of India’s EV mobility and transport sector will enable, accelerate and secure large-scale energy storage needs for our Indian partners.
“Faraday is one of the first companies to make sodium-ion battery technology a champion,” said James Quinn, CEO of Reliance, our best partner . Reliance is the best partner to support Ferrari’s growth in the rapidly expanding Indian market and to jointly accelerate the transformation of the global energy market. Being part of the Reliance Group recognizes the incredible work that our team has done in advancing sodium-ion technology. Together with Reliance, Ferrari can bring British innovation to India and globally, as the world looks toward more and more lithium options.
Sodium-ion batteries will be available for decades,
said Chris Wright, chairman and co-founder of Ferrarian. The deal with Reliance firmly establishes Faraday’s sodium-ion battery as an integral part of the global value chain for cheaper, cleaner, more sustainable energy for decades to come.