US-based energy company Ambri Inc got an investment boost today. Reliance Industries Ltd’s (RIL) wholly-owned subsidiary Reliance New Energy Solar Ltd (RNESL), along with strategic investors Paulson & Co. Inc. and Bill Gates, and a few other investors, has announced an investment of $144 million into the energy storage company based in Massachusetts.
”The investment will help the company commercialise and grow its long-duration energy storage systems business globally. RNESL will invest USD 50 million to acquire 42.3 million shares of preferred stock in Ambri,” RIL said in an exchange filing.
“Reliance Industries sees this strategic partnership with Ambri as an important step in its journey of achieving its decarbonization goals. Our investment in Ambri is part of our broader plan to develop the Dhirubhai Ambani Green Energy Giga Complex, which will be amongst the largest integrated renewable energy manufacturing facilities in the world and the epicenter of India’s Green Economy movement,” stated Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd.
This financing supports the commercial growth of our company and technology – Ambri Chief Executive Officer says
“This financing supports the commercial growth of our company and technology,” said Dan Leff, Ambri Executive Chairman. “Further, these funds are instrumental to driving our efforts to scale the company’s operations and establish our manufacturing infrastructure to meet rapidly expanding customer demand. We are delighted that our newest shareholders, who are world class investors and strategic partners, are joining Ambri’s journey.”
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. They will enable a crucial energy storage solution capable of supporting the increasing amounts of renewable energy being integrated into electric power grids, the statement added.
RNESL and Ambri are also in discussions for an exclusive collaboration to set up a largescale battery manufacturing facility in India, which could add scale and further bring down costs for Reliance’s green energy initiative.