INSUBCONTINENT EXCLUSIVE:
Shares of Reliance Industries rose as much as 1 per cent.Reliance Industries' subsidiary Reliance New Energy Solar has joined hands with
strategic investors Paulson - Co
Inc., Bill Gates and others to invest $144 million in the Massachusetts-based energy storage company Ambri
As part of the investment, RNESL will put in $50 million to acquire 42.3 million shares of preferred stock in energy storage company
Reliance Industries shares rose as much as 1 per cent to hit an intraday high of Rs 2,099.70 on the BSE following the investment
announcement."The investment will help the company commercialise and grow its long-duration energy storage systems business globally,"
through the cost, longevity and safety barriers associated with lithium-ion batteries used in grid-scale stationary storage applications,
Reliance Industries said.Both the companies are also in discussions for collaboration to set up a large-scale battery manufacturing facility
in India.Reliance Industries Chairman Mukesh Ambani, at the company's annual general meeting earlier this year, had announced plans to
build a giga factory in Jamnagar for the storage of energy, as part of the Dhirubhai Ambani Green Energy Giga Complex project.Ambri can
cater to projects that require energy storage systems from 10 MWh to over 2 GWh
The company will manufacture calcium and antimony electrode-based cells and containerised systems that are more economical than lithium-ion
batteries, capable of operating safely in any climatic condition without requiring supplemental air conditioning and meant to last for over
20 years with minimal degradation, Reliance Industries added.As of 10:24 am, Reliance Industries shares traded 0.8 per cent higher at Rs
2,094, outperforming the Sensex which was up 0.4 per cent.
