An investment of $144 million will be made in the United States based energy storage company Ambri Inc by Indian oil-to-telecoms conglomerate Reliance Industries Ltd, the Indian firm said on Tuesday.
Other investors in the company include billionaire Bill Gates and investment management firm Paulson & Co among others.
It was a few months ago that Reliance had disclosed its plans for a $10 billion green energy investment strategy as a part of the efforts of the Indian conglomerate to transform into a net carbon zero company by 2035. The Indian company also plans to build four 'giga factories' at Jamnagar in the western Indian state of Gujarat that will manufacture solar cells and modules, energy storage batteries, fuel cells and green hydrogen.
42.3 million shares of preferred stock in Ambri for $50 million will be acquired by Reliance through its wholly-owned unit Reliance New Energy Solar Ltd, the company said in a statement.
The company added that talks are being held between RNESL and Ambri for setting up of a large scale battery manufacturing facility in India.
The company led by Asia's richest man Mukesh Ambani said that the energy storage systems have been designed to last between 4 and 24 hours and the systems "will break through the cost, longevity and safety barriers associated with lithium-ion batteries used in grid-scale stationary storage applications".
The funds generated from the investment would be used by Ambri for designing and building high volume manufacturing units in the United States as well as internationally which will be used for making and supplying the company’s long duration battery systems – demand for which is growing in the grid scale energy storage market and large industrial energy customers, such as data centers, the company said in a separate statement.
With the entry of Reliance in the renewable energy business in India now pits it as a direct competitor of companies such as Adani Green Energy Ltd and Goldman Sachs-backed ReNew Power.
(Source:www.news18.com)
Other investors in the company include billionaire Bill Gates and investment management firm Paulson & Co among others.
It was a few months ago that Reliance had disclosed its plans for a $10 billion green energy investment strategy as a part of the efforts of the Indian conglomerate to transform into a net carbon zero company by 2035. The Indian company also plans to build four 'giga factories' at Jamnagar in the western Indian state of Gujarat that will manufacture solar cells and modules, energy storage batteries, fuel cells and green hydrogen.
42.3 million shares of preferred stock in Ambri for $50 million will be acquired by Reliance through its wholly-owned unit Reliance New Energy Solar Ltd, the company said in a statement.
The company added that talks are being held between RNESL and Ambri for setting up of a large scale battery manufacturing facility in India.
The company led by Asia's richest man Mukesh Ambani said that the energy storage systems have been designed to last between 4 and 24 hours and the systems "will break through the cost, longevity and safety barriers associated with lithium-ion batteries used in grid-scale stationary storage applications".
The funds generated from the investment would be used by Ambri for designing and building high volume manufacturing units in the United States as well as internationally which will be used for making and supplying the company’s long duration battery systems – demand for which is growing in the grid scale energy storage market and large industrial energy customers, such as data centers, the company said in a separate statement.
With the entry of Reliance in the renewable energy business in India now pits it as a direct competitor of companies such as Adani Green Energy Ltd and Goldman Sachs-backed ReNew Power.
(Source:www.news18.com)
