LONDON, UK: Mercia Asset Management has signed contract for the sale of Faradion Limited for a total enterprise value of £100 million to Reliance New Energy Solar Limited, a wholly owned subsidiary of India-based Reliance Industries Limited, the multinational conglomerate.

Completion of the sale of Faradion will occur once receipt of the consideration proceeds is confirmed by all vendors. This is expected to occur in early January 2022, at which point a further announcement will then be made.

Based in Sheffield, Faradion is a world leader in sodium-ion battery technology that provides low-cost, high-performance and sustainable energy storage solutions.

Mercia holds a 16.4% fully diluted direct holding in Faradion and is entitled to receive initial unrestricted cash proceeds of £18.6million, plus a further £0.8million ring-fenced for three months. www.mercia.co.uk