Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), along with strategic investors Paulson and Co. Inc. and Bill Gates, and a few other investors, has announced an investment of USD 144 million in Ambri Inc, an energy storage company based in Massachusetts, USA.
As per an official statement of RIL, the investment will help the company commercialise and grow its long-duration energy storage systems business globally.
The company said that RNESL will invest USD 50 million to acquire 42.3 million shares of preferred stock in Ambri.
“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.
