RIL, Gates to jointly back MIT’s energy storage co

Mumbai: The Mukesh Ambani-led Reliance Industries (RIL) has announced that it is joining American business magnate Bill Gates for investing in Ambri, a Massachusetts-based energy storage company. Apart from the two billionaires, other investors such as New York-based hedge fund manager Paulson too have invested in Ambri.

Ambri has received a total funding of $144 million (Rs 1,100 crore), of which RIL contributed 35%, that is, $50 million (Rs 375 crore). India’s most valued company has routed the Ambri investment through its 100% arm Reliance New Energy Solar. Ambri is RIL’s first investment in low-carbon technology after Ambani laid out a road map for a clean-energy play at the company’s annual general meeting in June. The plan includes building a factory in Jamnagar, Gujarat, for the storage of intermittent energy.