Haldor Topsoe to divest its shares in Faradion

• Together with other shareholders, Topsoe will divest its c. 16% ownership share in Faradion Limited to Reliance New Energy Solar Limited.
• Topsoe will continue its work within cathode technology.

Today, Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of Reliance Industries Limited (Reliance), and Faradion Limited (Faradion) announce 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.

About Haldor Topsoe
Haldor Topsoe is a global leader in developing clean energy solutions and the supply of catalysts, technology, and services to the chemical and refining industries. Topsoe aims to be the global leader within carbon emission reduction technologies by 2024. By perfecting chemistry for a better world, we enable our customers to succeed in the transition towards renewable energy. Topsoe is headquartered in Denmark and serves customers around the globe. In 2020, our revenue was approximately DKK 6.2 billion, and we employ around 2,100 employees. www.topsoe.com

More information
Ulrik Frøhlke, Media Relations Manager
Phone: +45 27 77 99 68
Mail: ulfr@topsoe.com