(Alliance News) - Mercia Asset Management PLC on Friday said it is expecting a cash windfall when its investee sodium-ion battery technology firm Faradion is sold for an enterprise value of GBP100 million.
The asset manager holds a 16% stake in Faradion, which will be bought by Reliance New Energy Solar, a subsidiary of India's Reliance Industries.
Based in Sheffield, Faradion specialises in sodium-ion battery technology that provides low-cost and sustainable energy storage.
Mercia expects to receive initial cash proceeds of GBP18.6 million, plus a further GBP800,000 ring-fenced for three months, as part of the deal.
Completion of the deal is expected to occur in early January 2022.
Shares in Mercia were up 5.7% in London early trading on Friday at 38.06 pence each.
By Will Paige; willpaige@alliancenews.com
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Mercia Asset (MERC)