RIL subsidiary company, Reliance New Energy Solar, to invest in Ambri Inc
The RIL subsidiary RNESL’s strategic partnership with Ambri is an important step for Reliance Industries in achieving its decarbonization goals.
Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has invested in Ambri Inc, an energy storage company based in Massachusetts, USA.
Ambri Inc. has received $144 million financing in order to commercialize and expand the technology for daily cycling and long-term systems, as well as to build a domestic manufacturing facility.
Along with RNESL, the other strategic investors included Paulson and Co. Inc. and Bill Gates, and a few other investors.
An official statement issued by RIL stated that the investment will help the company develop and commercialize long-term energy storage systems around the world. In order to acquire around 42.3% of the preferred stock of Ambri, RNESL will invest 50 million dollars.
Decarbonization is an important goal for Reliance Industries, and the partnership with Ambri is a significant step.
Mukesh Ambani, CMD of RIL commented that the Ambri investment deal is part of the company’s larger plan to develop the Dhirubhai Ambani Green Energy Giga Complex and make India the global leader in green energy manufacturing.”
Both RNESL and Ambri are also looking into establishing a large-scale battery manufacturing facility in India, which would be a significant step toward lowering costs for the Reliance Green Energy initiative.
According to RIL, Ambri can cater to projects that require energy storage systems from 10 MWh to over 2 GWh.This product utilizes patented technology and lasts for up to 24 hours.
RIL statement also pointed out that with Ambri’s long-duration energy storage systems, grid-scale stationary storage applications will be freed from many of the inconveniences associated with lithium-ion batteries. With them, electric power grids can accommodate a crucial energy storage solution capable of supporting a growing amount of renewable energy.
Ambri Inc. will be involved in the manufacturing of cells and containerized systems based on calcium and antimony electrodes. These batteries are more economical than lithium-ion batteries, as well as being capable of operating under any climatic conditions without supplemental cooling. With minimal degradation, these batteries can last over two decades.
In particular, Ambri systems are well suited for high-usage applications like shifting energy from daily solar generation to evening and morning peak loads times. Currently, the company is securing customers for large-scale projects with commercial operations anticipated by 2023.
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