The regionally focused specialised asset manager, Mercia Asset Management, with £948m in assets under management reported the release of £0.8m in ring-fenced cash profits from the sale of Faradion, as announced on 5 January 2022.
In January, the company confirmed the completion of the sale of Faradion, a sustainable energy storage solution, for a total enterprise value of £100m to Reliance New Energy Solar Limited, a subsidiary of Reliance Industries.
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The £0.8m ring-fenced proceeds are in addition to the £5.7m profit announced in January 2022, bringing the total realised profit on the sale to £6.5m over the holding value as of September 30, 2021.