Reliance New Energy Solar (RNSEL) will invest $50 million in US-based energy storage company Ambri. The RIL subsidiary, along with other strategic investors like Paulson & Co Inc and tech mogul Bill Gates, has invested a total of $144 million in the US-based energy storage company.
RNSEL will purchase 42.3 million shares of preferred stock in Ambri. "The investment will help the company commercialise and grow its long-duration energy storage systems business globally," the company said in a statement. “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,” RIL said in the statement.
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The transaction is in line with RIL’s strategic plan to invest Rs 75,000 crore over the next three years to build a new clean energy business to fuel its commitment to be net carbon neutral by 2035. The investment comes in the backdrop of RIL chairman Mukesh Ambani's announcement to shareholders in June that it had 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.
Massachusetts, US-based Ambri was founded in 2010 and is involved in developing and commercialising a new battery technology that will revolutionise grid-scale power storage.
It is claimed that their battery has the potential to cost significantly less than existing batteries by decoupling power supply and power demand. The liquid metal battery will be a major enabler of the widespread use of sustainable energy sources and the development of more efficient power systems.