Reliance New Energy Solar Limited among others to invest $144 million in AmbriInc

Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of Reliance Industries Limited (RIL), along with other investors including Paulson & Co. Inc. and Bill Gates have announced a $144 million investment in AmbriInc, an energy storage company based in Massachusetts, USA. The funds will be used to assist Ambricommercialise and expand its long duration energy storage solutions. RNESL will invest $50 million in Ambri to purchase 42.3 million preferred stock shares.

RNESL and Ambri are also in talks to form an exclusive partnership to build a large-scale battery manufacturing plant in India, which would be in line with RIL’s green energy programme. Ambri can provide solutions for projects requiring energy storage systems ranging from 10 MWh to more than 2 GWh. The company plans to produce calcium and antimony electrode-based cells and containerised systems that are less expensive than lithium-ion batteries. This technology can operate safely in any climate without supplementary air cooling and are expected to endure for more than 20 years with minimal degradation.

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