Business News | The country’s biggest rich Mukesh Ambani’s Reliance Industries Limited (RIL) has bought Britain’s battery maker Faradion Limited for 100 million pounds. RIL announced this deal on Friday.
Reliance said in a statement that Reliance New Energy Solar Limited (RNESL) has entered into an agreement of 100 million pounds to acquire 100 percent stake in Faradion Limited. The company will invest an additional 25 million pounds in it as growth capital.
According to RIL, Faradion’s sodium ion technology is more advantageous than other alternative battery technologies, particularly lithium ion and lead acid technologies. These advantages include no dependence on cobalt, lithium, copper or graphite.
Battery Manufacturer Faradion Ltd
Faradion Limited is one of the world’s top manufacturers of sodium-ion batteries. Faradion, a UK-based manufacturer of sodium-ion cells, had earlier said it was exploring manufacturing in India. The company says that the technology of sodium-ion battery is better than lithium-ion battery. It can revolutionize the automobile, storage and mobile sectors across the world.
