Reliance New Energy Solar, a wholly owned subsidiary of Reliance Industries, announced this Monday it will invest $14 million in a Massachusetts-based energy storage developer; the transaction involves other strategic investors, like Paulson & Co. Inc. Bill Gates and few others.
Firstly, Reliance will invest in Ambri Inc., a battery energy storage systems developer, based on Massachusetts. The investment will help the company grow its solutions portfolio and to commercialize it globally. Reliance New Energy Solar will invest $50 million on its own, to acquire 42,3 million shares of preferred stock in Ambri.
Secondly, as said above Ambri is a long-duration energy storage developer. Its solutions portfolio bases upon patented technology and it is designed to last between 4 to 24 hours. Due to its design, Ambri’s systems also help to reduce electricity costs, and enables power operators to operate their grids more efficiently and with resilience.
Thirdly, Ambri’s long duration energy storage systems will break through the cost, longevity; and also, 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 integration of renewable energy into electric power grids.
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Reliance and Ambri to collaborate in manufacturing plant
Moreover, the company develops a one-of-a-kind battery system, based on calcium and antimony electrode cells; along with containerized systems that are more economical than lithium-ion batteries. This technology is capable of operating safely in any climatic condition without requiring supplemental air conditioning; and is also meant to last for over 20 years with minimal degradation.
Indeed, Ambri’s systems are particularly suited for high-usage applications; such as shifting energy from daytime solar generation to evening and morning peak load times.
On the other hand, on top of the investment agreement, Reliance New Energy Solar 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.
Finally, about the relevance of the investment for Reliance, its chairman Mukesh Ambani, said. “We are exploring new and advanced electro-chemical technologies; ones that can be used for such large-scale grid batteries to store the energy that we will create. We will collaborate with global leaders in battery technology to achieve the highest reliability for round-the-clock power availability through a combination of generation; storage, and also, grid connectivity.”
