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.
