BENGALURU (Reuters) – Indian oil and telecommunications conglomerate Reliance Industries Ltd said on Tuesday it would invest $ 144 million in US energy storage company Ambri Inc, along with billionaire Bill Gates, investment management firm Paulson & Co and others.
The investment comes months after Reliance introduced a $ 10 billion green energy plan in its push to become a net zero-carbon company by 2035, with plans to build four ‘giga factories’ in Jamnagar, in the state. from Gujarat in western India to produce solar cells and modules, energy storage batteries, fuel cells and green hydrogen.
Reliance, through its wholly owned unit Reliance New Energy Solar Ltd (RNESL), will acquire 42.3 million preferred shares of Ambri for $ 50 million, the company said https: // in a statement.
RNESL and Ambri are also in talks to establish a large-scale battery manufacturing facility in India, the company added.
Designed to last between 4 and 24 hours, Ambri’s energy storage systems “will break the cost, longevity and safety barriers associated with lithium-ion batteries used in grid-scale stationary storage applications,” the company said. Directed by the richest man in Asia, Mukesh Ambani. .
Ambri, in a separate statement https://prn.to/2VIZ6yB, said it would use the funds to design and build high-volume manufacturing facilities in the US and internationally that will supply its long-life battery systems to meet growing market demand for grid-scale energy storage and large industrial energy customers such as data centers.
Reliance’s entry into the renewable energy business in India will put it in competition with companies such as Adani Green Energy Ltd and ReNew Power, backed by Goldman Sachs.
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