Explorer

Ambani's Reliance Joins Bill Gates, Others To Invest In US-Based Battery Storage Firm

RNESL will invest $50 million to acquire 42.3 million shares of preferred stock in Ambri, said Reliance in a statement. 

Mumbai: Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Mukesh Ambani led Reliance Industries Ltd (RIL), along with strategic investors Paulson & Co. Inc. and Bill Gates, and a few other investors have made an investment of $144 million in Ambri Inc, an energy storage company based in Massachusetts, USA. 

The investment will help the company commercialize and grow its long-duration energy storage systems business globally. RNESL will invest $50 million to acquire 42.3 million shares of preferred stock in Ambri, said Reliance in a statement. 

RIL chairman Mukesh Ambani during the company's AGM announced a $10 billion green energy strategy as part of its goal to become a net carbon neutral corporation by 2035, with plans to create four "Giga factories" in Jamnagar, Gujarat, to produce solar cells and modules, energy storage batteries, fuel cells, and green hydrogen.

Based on patented technology and designed to last between 4-24 hours, Ambri's long-duration energy storage systems will break through the cost, longevity, and safety barriers associated with lithium-ion batteries used in grid-scale stationary storage applications. 

They will enable a crucial energy storage solution to support the increasing amounts of renewable energy being integrated into electric power grids.

RNESL and Ambri are also discussing an exclusive collaboration to set up a large-scale battery manufacturing facility in India, adding scale and further bringing down costs for Reliance's green energy initiative.

Addressing shareholders in June this year, Mr. Ambani said, "We are exploring new and advanced electrochemical technologies that can be used for such large-scale grid batteries to store the energy that we will create. We will collaborate with global leaders in battery technology to achieve the highest reliability for round-the-clock power availability through a combination of generation, storage, and grid connectivity."

Ambri can cater to projects that require energy storage systems from 10 MWh to over 2 GWh. The company will manufacture calcium and antimony electrode-based cells and containerized systems that are more economical than lithium-ion batteries, capable of operating safely in any climatic condition without requiring supplemental air conditioning, and meant to last for over 20 years with minimal degradation. 

Ambri systems are particularly suited for high-usage applications, such as shifting energy from daytime solar generation to evening and morning peak load times. The company is securing customers for large-scale projects with commercial operations in 2023 and beyond.

Reliance's entry into the renewable energy market in India will pit it against Gautam Adani-led Adani Green Energy Ltd and Goldman Sachs-backed ReNew Power. 

On Tuesday afternoon, RIL shares on BSE traded up 1.44% at Rs 2107.25 in a firm Mumbai market, valuing the company at Rs 13,35,310 crore.

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Azerbaijan Airlines Plane Crashes in Kazakhstan, Many Feared Dead
Azerbaijan Airlines Plane Crashes in Kazakhstan, Many Feared Dead
Mahila Samman Yojana Row: Atishi Rubbishes WCD Notice, Says BJP Pressured Officials
Mahila Samman Yojana Row: Atishi Rubbishes WCD Notice, Says BJP Pressured Officials
'Atal Bihari Vajpayee Not One For Horse-Trading': PM Modi Pays Tribute To Former PM. WATCH
'Atal Bihari Vajpayee Not One For Horse-Trading': PM Modi Pays Tribute To Former PM. WATCH
BJP May Be Maligning Nehru's Legacy, But Vajpayee Was The Second Nehru: Sanjay Raut
BJP May Be Maligning Nehru's Legacy, But Vajpayee Was The Second Nehru: Sanjay Raut
Advertisement
ABP Premium

Videos

Anya Polytech IPO: Must Watch Exclusive Interview Before Investing | Paisa LiveWhy Payas Pandit Struggled to Gain Recognition Despite Her Bhojpuri Debut with Pawan Singh?Sambhal News: ASI Team to Inspect Stepwell Today, Exclusive Pictures from the SiteBJP Accuses AAP of Deceiving Public with New Schemes Ahead of Delhi Elections

Photo Gallery

Embed widget