Reliance New Energy to invest Rs 375 crore in American energy storage company Ambri

Mukesh Ambani’s company Reliance New Energy Solar Limited is a subsidiary of American Renewable Energy Ambri Inc. Will invest about Rs 375 crore in Reliance New Energy Solar, a wholly owned subsidiary of Reliance Industries Energy will get 4.23 crore preference shares in return for this investment. Paulson & co and Bill Gates also have investments in this company. Ambani’s investment in the company is a part of it. Investors such as Reliance New Energy Solar, Poulson & Co and Billgates will invest a total of $144 million in Ambri.

Long Term Energy Storage Technology 

Started in 2010, Ambri has developed long lasting battery technology and is now selling it. According to Reliance Industries Limited, this will enable large scale use of renewable energy sources. This will reduce the cost of electricity and it will help the power system to work more efficiently.

Reliance Industries has said that it is also in talks with Ambri to set up a bigger plant for battery manufacturing in India. This will boost the company’s activities in the field of green energy. This will also help Reliance to build a Giga factory for the storage of intermittent energy in Gujarat’s Jamnagar. The company had announced to build the Dhirubhai Ambani Green Energy Complex here this year. 

According to Reliance, Ambri has the technology to build a 4- to the 24-hour energy storage system. The company’s costs will come down due to the long-term storage system.

Reliance will invest 60 thousand crores under Green Initiative

Reliance had said that the company would invest Rs 60,000 crore under its green initiatives. Apart from this, the company also intends to invest an additional Rs 15,000 crore in partnerships and future technology related to the development of the value chain of the Green Initiative.