Reliance New Energy Solar Limited to invest in American company Ambari Inc, Mukesh Ambani took another step, Reliance New Energy will invest in this US company

Mumbai : Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of Reliance Industries Limited (RIL), will invest $144 million in American company Ambari Inc. Reliance New Energy Solar Limited will buy 42.3 million shares of Ambari Inc based in Massachusetts, USA for $ 50 million. AESL along with its strategic investors Paulson & Company Inc. and Bill Gates and a few other investors announced the deal. The investment will help the company develop its long-term energy storage systems globally.

Ambari Inc. holds the patent for Energy Storage Systems that work for 4 to 24 hours. Ambari’s technology could solve the problems associated with cost, safety and longevity of lithium-ion batteries used in grid-scale ‘stationary storage applications’. This will allow renewable energy to be easily integrated into the grid system. RNESL and Ambari are also discussing setting up a large scale battery manufacturing facility in India. This will help reduce the cost of Reliance’s Green Energy Initiative.

Addressing shareholders in June this year, Reliance Industries Chairman Mukesh Ambani had announced the construction of a giga factory for energy storage as part of the Dhirubhai Ambani Green Energy Giga Complex project in Jamnagar. He had said that “we are exploring new and advanced electro-chemical technologies that can be used to store energy in the form of off grid batteries. We are working round the clock through new generation storage and grid connectivity. Will collaborate with global leaders in battery technology to provide electricity.