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--RIL: Solar arm to invest $50 mln in energy storage co Ambri Inc
--RIL: Solar arm, Ambri in talks to set up battery mfg unit in India
Reliance New Energy Solar Ltd, a newly set up subsidiary of Reliance Industries Ltd, along with strategic investors Paulson & Co Inc, Bill Gates and few others, will invest $144 mln in Ambri Inc, a Massachusetts-based energy storage company.
Of the total investment, Reliance New Energy Solar will invest $50 mln to acquire 42.3 mln shares of Ambri, RIL said in a regulatory filing.
The investment will help Ambri commercialise and grow its long-duration energy storage systems business globally, it added.
RIL's solar subsidiart and Ambri are also in talks to set up a large scale battery manufacturing facility in India, which could add scale and bring down cost in RIL's green energy initiative, it said.
Based on patented technology and designed to last between four and 24 hours, Ambri's energy storage systems will break through cost, longevity and safety barriers, RIL said.
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, it added.
Its systems are particularly suited for high-usage applications such as shifting energy from daytime solar generation to evening and morning peak load times. The company is securing customers for large-scale projects with commercial operation in 2023 and beyond.
Recently, RIL set up a wholly-owned subsidiary Reliance New Solar Energy Ltd, in line with its announcement in June.
The oil-to-chemicals company plans to invest 750 bln rupees in new energy over three years.