Mukesh Ambani’s Reliance New Energy Solar Ltd will invest $50 million in Ambri Inc, a renewable energy storage company in the United States.
Mukesh Ambani’s Reliance New Energy Solar Ltd will invest $50 million in Ambri Inc, a renewable energy storage company in the United States. Reliance Industries Ltd’s wholly-owned subsidiary Reliance New Energy Solar will acquire 42.3 million shares of preferred stock in Ambri. The investment comes as a part of a combined $141 million investment in Ambri by strategic investors including Paulson & Co Inc and Bill Gates. Ambri, founded in 2010, has developed and is commercializing a new, long-duration battery technology, which RIL said, will enable widespread use of renewable energy sources, cut electricity costs, and enable power systems to operate more reliably and efficiently.
The new energy venture of Mukesh Ambani’s Reliance Industries also said that it is in discussions with Ambri for an exclusive collaboration to set up a large scale battery manufacturing facility in India, which could add scale and further cut costs for Reliance’s green energy initiative. This move will be RIL’s step towards building the GigaFactory in Jamnagar for the storage of intermittent energy, as part of the Dhirubhai Ambani Green Energy Giga Complex project, announced by Mukesh Ambani earlier this year.
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The company has the technology to build energy storage systems that last 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,” Reliance said. “They will enable a crucial energy storage solution capable of supporting the increasing amounts of renewable energy being integrated into electric power grids,” they added.
“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,” Reliance Industries said in a statement. The oil-to-telecom conglomerate added that Ambri systems are particularly suited for high-usage applications, such as shifting energy from daytime solar generation to evening and morning peak load times.