European law firm Fieldfisher has advised Faradion, a leading global sodium-ion battery technology company based in Sheffield and Oxford, UK, on its sale to Mumbai-based Reliance New Energy Solar Ltd (RNESL).
RNESL, a subsidiary of Indian conglomerate Reliance Industries Ltd, has acquired a 100% shareholding in Faradion for an enterprise value of £100 million, and will invest a further £25 million to accelerate commercial roll-out of Faradion's technology.
Faradion is one of the leading global battery technology companies, offering a competitively superior, strategic, wide-reaching and extensive IP portfolio covering several aspects of sodium-ion technology.
Faradion’s sodium-ion technology provides significant advantages compared to lithium-ion technology, including greater sustainability; a patented zero-volt safe transport and storage capability; and opportunity for scalability. The total cost of ownership is already comparable to lead-acid battery technology, and performance at par with lithium-ion phosphate.
Sodium-ion technology therefore has significant potential for use in energy storage and EV applications, two of the lynchpins of the global energy transition.
Reliance will use Faradion’s technology at its proposed fully integrated energy storage giga-factory as part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar in western India.
The Fieldfisher team advising Faradion on the sale was led by corporate partner, Janita Good, with wider support from the firm's tax, incentives, IP and competition teams.
Commenting on the deal, Janita Good said:
"Having advised Faradion since its formation 10 years ago, I am thrilled to have assisted the team in securing such an exciting future for this innovative business.
"Faradion's technology is incredibly important in the journey towards a lower emissions future and we wish them the best of luck with developing their products and scaling up their capacity with the support of Reliance."
James Quinn, CEO of Faradion, said:
"Reliance is the perfect partner for supporting Faradion’s growth in the rapidly expanding Indian market and to jointly speed up the transformation of the global energy market."
"Becoming part of the Reliance group validates the incredible work our team has done in advancing sodium-ion technology. Janita Good and her team at Fieldfisher provided exceptional support from term sheet through final closing. "
Dr Chris Wright, Chairman and Co-Founder of Faradion, said:
"Dr Jerry Barker, Ashwin Kumaraswamy and I founded Faradion in 2010 to develop sodium-ion technology and bring it to market, with funds from Mercia Asset Management."
"This deal with Reliance firmly establishes Faradion’s sodium-ion batteries as an integral part of the global value chain for cheaper, cleaner, more sustainable energy for decades to come."
The buyers were advised by Linklaters.
Fieldfisher is a European law firm built around its people. We are a full-service firm with market-leading practices in energy and natural resources, technology, financial services and life sciences.
Our network of more than 1,700 expert people spans 25 offices in 11 countries, including our US and China locations, acting alongside our international partner firms, enabling us to advise clients around the world with seamless efficiency and dedication across time zones and disciplines.
A Times Top 20 Law Firm, we are highly commended by the European Financial Times Innovative Lawyers rankings and repeatedly nominated for awards in areas including dispute resolution, public and regulatory, M&A and IP.
Our lawyers are consistently recognised by legal directories as leading professionals in their areas of specialism and we are ranked tier 1 or 2 in a number of our key practice areas.
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