Energy Reliance Industries, Reliance New Energy Limited (RNESL), has signed a definitive agreement to acquire 100% shares in Faradion limited to 100 million pounds (more than 10 billion rupees), Indian conglomerate said on December 31.
“Reliance New Energy Solar Limited (RNESL), a company that is fully owned by the company, has signed an agreement with Faradion Limited (Faradion) and its shareholders to obtain 100% of Faradion’s equity shares through a total total value. GBP 94.42MN based on the value of GBP 100mn company. … “Ril Said in the submission of the Stock Exchange.
RIL subsidiaries will get 88.92% of Faradion’s equity shares for aggregate considerations of 83.97 million (INR 8.43 million) at closure, which is expected in early January 2022, according to regulations. The remaining 11.08% of Faradion’s equity shares will be obtained in 3 years from closing for aggregate considerations of up to 10.45 million pounds (INR 1.04 billion), he added.
Reliance New Energy Solar has also agreed to subscribe to Faradion’s new equity stocks for aggregate considerations of 31.59 million pounds (INR 3.17 billion), where 25 million pounds (INR 2.5 billion) are the capital of growth to accelerate roll out and The Excomer balances payment of debt and other costs.
This announcement is in line with ambitious ambitious plans to invest RS 75,000 Crore for the next three years to build a new clean energy business aimed at RIL commitment to become net carbon neutral in 2035. The plan puts three parts-rs 60,000 core investment in four Giga factory that will produce and fully integrate all important components for business; Investment in RS 15,000 other Crore in building future chain, partnership and technology development.
Dependence will use Faradion’s advanced technology in proposed energy storage plants fully integrated as part of the Green Energy Dhirubhai Giga Energy Complex project in Jamnagar, India.
“It will further strengthen and build our ambitions to create one of the most advanced and integrated new energy ecosystems and place India at the forefront of leading battery technology. Sodium ion technology developed by Faradion provides global leading energy storage and a safe battery solution, Sustainable, providing high energy density and significantly competitive costs. In addition, it has a broad use of use of mobility to grid scale storage and reserve power, “said Chairman Ril Ambani in a statement.
Faradion, which is based on Sheffield and Oxford, has patented sodium-ion battery technology and has a competitive, strategic, broad and extensive IP portfolio which includes several aspects of sodium ion technology.
RIL said that this technology is sustainable, low cost, and can be scaled, has a high density equivalent to phosphate lithium-ion and has patented transportation and safe storage.
“The most important thing, this utilizes sodium, which will secure Indian energy storage requirements for large renewable energy and fast growing EV charging market. We will work with Faradion management and accelerate the plan to commercialize technology through building integrated giga scale manufactures and ends To-end in India, “Ambani said.
He added that this technology would help companies activate, accelerate, and secure large-scale energy storage requirements for company electrical vehicle partners.
In October, the Reliance New Energy Solar announced four agreements in the energy room clean, as part of its strategy to grow a portfolio through a partnership. The company announced investment in the German technology company “Green Solar Wafer” Nexwafe GmbH, signed another pact with the Danish Stiesdal A / S company for electrolyer hydrogen, acquiring 100% stake in the US Solar Panel Manufacturer Solar Holdings from China National Bluestar (Group), and Acquired 40% of shares at Sterling & Wilson Power.
Before this, RIL made his first strategic step in the renewable energy sector with an investment of $ 50 million in US-based energy storage companies, Ambri Inc.
At 9:30 a.m., RIL shares traded 0.7 percent higher at RS 2372.95 each at BSE, while benchmark Sensex rose 376.78 points or 0.65 percent at 58,171.10.
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