Reliance New Energy Solar to invest $50m in energy storage company Ambri
Reliance New Energy Solar (RNESL), a newly incorporated subsidiary of Reliance Industries, will invest $50 million in American energy storage company Ambri Inc for acquiring 42.3 million shares.
The Reliance Industry subsidiary is taking part in a $144 million investment in the energy storage firm alongside Paulson & Co. Inc. and Bill Gates among few other investors.
According to Reliance Industries, the investment will help Ambri to commercialize and expand its long-duration energy storage systems business around the world.
Designed to last between 4-24 hours, Ambri’s energy storage systems, based on a proprietary liquid metal battery technology, are expected to overcome the barriers in cost, longevity, and safety associated with lithium-ion batteries that are used in grid-scale stationary storage applications.
The Ambri energy storage systems will provide an important solution that can support the rising amounts of renewable energy being integrated into electric power grids, said Reliance Industries.
Reliance New Energy Solar is also in talks with Ambri for an exclusive collaboration to establish a large-scale battery manufacturing plant in India, which may add scale and further reduce costs for the green energy initiative of Reliance Industries.
Mukesh Ambani — Chairman and Managing Director of Reliance Industries said: “Reliance Industries sees this strategic partnership with Ambri as an important step in its journey of achieving its decarbonization goals. Our investment in Ambri is part of our broader plan to develop the Dhirubhai Ambani Green Energy Giga Complex, which will be amongst the largest integrated renewable energy manufacturing facilities in the world and the epicenter of India’s Green Economy movement.”