Reliance New Energy Solar Ltd (RNESL), a wholly-owned of Reliance Industries Ltd (RIL), has publicly unveiled a USD 144 million investment in Ambri Inc, an energy storage company headquartered in Massachusetts, USA, along with strategic investors Paulson & Co. Inc. and Bill Gates, as well as a few other investors.
"The investment will help the company commercialise and grow its long-duration energy storage systems business globally. RNESL will invest USD 50 million to acquire 42.3 million shares of preferred stock in Ambri," the official report of Reliance Industries Limited stated.
"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 capable of supporting the increasing amounts of renewable energy being integrated into electric power grids," the company said.
According to the official announcement of the company "RNESL and Ambri are also in discussions for an exclusive collaboration to set up a large-scale battery manufacturing facility in India, which could add scale and further bring down costs for Reliance's green energy initiative."
Mr. Mukesh Ambani, chairman of Reliance Industries, addressing shareholders in June of this year had announced plans to build a Giga Factory in Jamnagar for the storage of intermittent energy, as part of the Dhirubhai Ambani Green Energy Giga Complex project. "We are exploring new and advanced electro-chemical 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," Mr. Ambani had announced.
"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 containerised 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 operation in 2023 and beyond," Reliance Industries Limited has further added in the official report.
About Reliance Industries Limited (RIL)
Reliance is India's largest private sector company, with a consolidated turnover of INR 539,238 crore ($73.8 billion), cash profit of INR 79,828 crore ($10.9 billion), and a net profit of INR 53,739 crore ($7.4 billion) for the year ended March 31, 2021. Reliance's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. Reliance is the top-most ranked company from India to feature in Fortune's Global 500 list of "World's Largest Companies". The company stands 55th in the Forbes Global 2000 rankings of "World's Largest Public Companies" for 2021 - top-most among Indian companies. It features among LinkedIn's 'The Best Companies to Work For In India' (2021).