Bengaluru: Indian Oil-to-Telecom Group Reliance Industries Limited said on Tuesday it would invest $144 million in American energy storage company Ambri Inc., along with billionaire Bill Gates, investment management firm Paulson & Co and others.
The investment comes months after Reliance unveiled a $10 billion green energy plan in its drive to become a net carbon zero company by 2035, with four ‘giga factories in Jamnagar, the western Indian state of Gujarat, to produce solar cells and modules. ‘ There is a plan to make. , energy storage batteries, fuel cells and green hydrogen.
Reliance, through its wholly owned entity Reliance New Energy Solar Limited (RNESLIt will acquire 42.3 million shares of preferred stock in Ambari for $50 million, the company said in a statement.
The company said RNESL and Ambari are also in talks to set up a large-scale battery manufacturing facility in India.
Designed to last between 4-24 hours, said the company led by Asia’s richest man Mukesh Ambani, Ambari’s energy storage system is “connected to a lithium-ion battery used in grid-scale stationary storage applications”. Cost, longevity and safety will break down barriers”. .
Ambari said in a separate statement that it will use the funds to design and build high-volume manufacturing facilities in the US and internationally that will continue to grow over its long term to meet the growing demand for the grid-scale energy storage market and large scale. The battery will supply the system. Industrial energy customers, such as data centers.
Reliance’s entry into the renewable energy business in India will put it in competition with Adani Green Energy Limited and Goldman Sachs-backed companies. Renew Power.
The investment comes months after Reliance unveiled a $10 billion green energy plan in its drive to become a net carbon zero company by 2035, with four ‘giga factories in Jamnagar, the western Indian state of Gujarat, to produce solar cells and modules. ‘ There is a plan to make. , energy storage batteries, fuel cells and green hydrogen.
Reliance, through its wholly owned entity Reliance New Energy Solar Limited (RNESLIt will acquire 42.3 million shares of preferred stock in Ambari for $50 million, the company said in a statement.
The company said RNESL and Ambari are also in talks to set up a large-scale battery manufacturing facility in India.
Designed to last between 4-24 hours, said the company led by Asia’s richest man Mukesh Ambani, Ambari’s energy storage system is “connected to a lithium-ion battery used in grid-scale stationary storage applications”. Cost, longevity and safety will break down barriers”. .
Ambari said in a separate statement that it will use the funds to design and build high-volume manufacturing facilities in the US and internationally that will continue to grow over its long term to meet the growing demand for the grid-scale energy storage market and large scale. The battery will supply the system. Industrial energy customers, such as data centers.
Reliance’s entry into the renewable energy business in India will put it in competition with Adani Green Energy Limited and Goldman Sachs-backed companies. Renew Power.
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