RIL picks stake in US energy storage company, plans India battery unit
Reliance New Energy Solar Ltd (RNESL) — a wholly owned subsidiary of Reliance Industries Ltd (RIL) — along with strategic investors Paulson & Co Inc and Bill Gates, and a few others, has announced an investment of $144 million in Ambri Inc, an energy storage company based in Massachusetts, USA.
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.
The investment will help Ambri commercialise and grow its long-duration energy storage systems business globally. RNESL will invest $50 million to acquire 42.3 million shares of preferred stock in the American company.
