Bengaluru: Indian To-Telecommunication Conglomerate Reliance Industries Ltd.
said on Tuesday it will invest $ 144 million in US energy storage company Ambri Inc., along with billionaire Bill Gates, investment management company Paulson & Co.
Investment came a few months after dependence launched a $ 10 billion green energy plan in its encouragement to become a clean zero carbon company in 2035, with a plan to build four ‘GIGA factories’ in Jamnagar in Gujarat state and solar modules to produce solar cells and modules, battery energy storage, fuel cells and green hydrogen.
Reliance, through the fully owned reliance unit of New Energy Solar Ltd (RNESL), will get 42.3 million preferri shares in Ambri for $ 50 million, the company said in a statement.
Rnesl and Ambri are also in talks to establish large-scale battery manufacturing facilities in India, the company added.
Designed to survive between 4-24 hours, the Ambri energy storage system “will penetrate costs, long life, and safety barriers associated with the lithium-ion battery used in the Grid Scale Stationary Storage Application,” said the company led by the richest person in Asia Mukesh Ambani.
Ambri, in a separate statement, said it would use funds to design and build high volume manufacturing facilities in the US and international which will supply its long-term battery system to meet increasing demand from the grid scale energy storage market and large industrial energy customers, such as data centers.
Entering the Reliance’s Energy Business renewable in India will place it in competition with companies such as Adani Green Energy Ltd and Goldman Sachs-backed.