RIL forays into energy-storage business through stake buy in US company

Based on patented tech, designed to last between 4-24 hrs, Ambri's long- duration energy storage systems will break through the cost, longevity & safety barriers associated with lithium-ion batteries

Reliance New Energy Solar (RNESL), a wholly-owned subsidiary of Reliance Industries (RIL), kicked off the group’s green energy foray with a $50-million investment in energy storage company Ambri Inc.
 
This investment is part of a $144-million financing round, which saw participation from Paulson & Co and Bill Gates, among others. RNESL will acquire 42.3 million shares of preferred stock in Ambri.
 
Reliance and Ambri, which was incubated in the Massachusetts Institute of Technology (MIT) in the United States, are also in discussion for an exclusive collaboration to set up a large-scale battery manufacturing facility, and distribution and sales