Reliance Industries, an Indian conglomerate, completed the acquisition of Faradion, a battery technology provider, from Mercia Asset, an asset management company, and Haldor Topsoe, a catalysis and process technology company, for $135m. “We welcome Faradion and its experienced team to Reliance family. This will further strengthen and build upon our ambition to create one of the most advanced and integrated New Energy ecosystem and put India at the forefront of leading battery technologies. The sodium-ion technology developed by Faradion provides a globally leading energy storage and battery solution which is safe, sustainable, provides high energy density and is significantly cost competitive. In addition, it has wide use applications from mobility to grid scale storage and back-up power," Mukesh Ambani, Reliance Chairman.