RIL to invest $50-M in US energy storage company Ambri

Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of Mumbai-based, publicly listed Reliance Industries Ltd (RIL), along with strategic investors Paulson & Co Inc and Bill Gates, and a few other investors, is to invest USD 144 million in Ambri Inc, a Marlborough, MA (USA)-based energy storage company. RNESL will invest USD 50 million to acquire 42.3 million shares of preferred stock in Ambri. The investment will help the company commercialise and grow its long-duration energy storage systems business globally. RNESL and Ambri are also in talks for an exclusive collaboration to set up a large scale battery manufacturing facility in India, which could add scale and further bring down costs for Reliance's green energy initiative.