Reliance Industries Gains After Its Arm Invests In Energy Storage Company

Reliance New Energy Solar and Ambri are also in discussions for an exclusive collaboration to set up a large scale battery facility in India.

Reliance Industries subsidiary Reliance New Energy Solar has made an investment of $50 million in Ambri, the US-based energy storage company for acquiring 42.3 million preferred stocks in Ambri. Reliance Industries along with its strategic investors Paulson & Co. Inc. and Bill Gates and others have invested a total of $144 million in the Massachusetts-based Ambri. Following the investment announcement in the 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. "The investment will help the company commercialise and grow its long-duration energy storage systems business globally," Reliance Industries said in a press release. Ambri's patented energy storage systems are designed to last between 4-24 hours and it will break 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.