Today, Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of Reliance Industries Limited (Reliance), and Faradion Limited (Faradion) announces that RNESL has signed definitive agreements to acquire Faradion from the existing shareholders for an enterprise value of GBP 100m. In addition, RNESL will invest GBP 25m in Faradion. As part of this transaction, Topsoe will divest its shareholding in Faradion, corresponding to c. 16% of the fully diluted share capital at the date of completion.

 

Topsoe has been working with Faradion since 2013 and has in the same period been an active shareholder in the company. As a new owner, RNESL will work with Faradion on commercialization and setting up industrial scale manufacturing. Topsoe will continue its focus within battery technology based on own lithium-nickel-manganese oxide (LNMO) materials.

 

“The development of rechargeable batteries, which are both cost effective and utilize resources more efficiently, is a necessary step for increased electrification. Faradion has found a well suited partner in RNESL and we look forward to follow their future development. We have obtained valuable learnings from our engagement in Faradion that we can utilize in our continuous work within cathode technology,” says Kim Grøn Knudsen, Chief Innovation and Strategy Officer at Topsoe.