Reliance New Energy & partners to pump US$144Mn in Ambri

Reliance New Energy & partners to pump US$144Mn in Ambri

RNSEL (Reliance New Energy Solar Ltd.), a sub-division wholly owned by Reliance Industries, along with strategic investors such as Bill Gates, Paulson & Co., and others, have recently devised plans to invest $144 million in U.S-based energy storage company, Ambri Inc.

The investment will be used to assist the energy firm to develop and expand its long-term energy storage solutions business around the world. In addition, RNESL will invest $50 million in Ambri to purchase 42.3 million preferred stock shares.

Reliance believes that Ambri's energy storage systems that is based on its patented technology and designed to last between 4 and 24 hours, will break through the cost, durability, and safety limitations of lithium-ion batteries, which are used in grid-scale stationary storage applications.

While addressing shareholders, Mukesh Ambani, RIL Chairman, stated that “they are looking into new and sophisticated electrochemical technologies that could be employed in large-scale grid batteries to store the energy they produce”.

“Through a combination of generation, storage, and grid connectivity, they will partner with global experts in battery technology to achieve the best reliability for round-the-clock power availability”.

Ambri provides energy storage systems for projects ranging from 10 megawatt-hours to over two gigawatt-hours. The organization intends to produce antimony electrode-based and calcium cells and container-based systems that will be less costly than lithium-ion batteries, run safely in any environment without additional air cooling, and last for more than 20 years.

Ambri devices can also support applications like shifting solar energy that is generated during the day to peak load hours in the morning and evening. The firm is securing customers for large-scale projects that will start operating in 2023 and beyond.

In addition, RNESL and Ambri are also planning for an exclusive partnership to build a large-scale battery manufacturing capacity in India, which would help Reliance's green energy project gain scalability and lower prices.

Source Credit - https://energy.economictimes.indiatimes.com/news/renewable/ril-and-partners-to-invest-144-mn-in-us-based-energy-storage-company/85198225