<p>Reliance New Energy Solar Ltd, the newly floated renewable energy unit of Reliance Industries Ltd, along with Bill Gates and other investors have invested $144 million in Massachusetts-based Ambri Inc, which makes batteries for power grids.</p>.<p>RNESL would be investing $50 million in the $144 million financing round, which Ambri will use to build a manufacturing facility and commercialize its technology, the company said in a statement.</p>.<p>The investment, which will give RNESL 42.3 million shares of preferred stock in Ambri, adds another piece to billionaire Mukesh Ambani's energy transition jigsaw.</p>.<p>In June, Ambani had announced a Rs 75,000 crore investment into clean energy, including four Giga factories.</p>.<p>Ambri, which can supply energy storage systems between 10 megawatt-hours to more than 2-gigawatt hours, will make calcium and antimony electrode-based cells that can last over 20 years with minimal degradation and are considered more economical than lithium-ion batteries.</p>.<p>The American firm is looking to commercialise its liquid metal grid battery technology by 2022. This technology holds promise to lower costs by about half compared to lithium-ion batteries and also has a breakthrough in safety with rugged operating condition performance.</p>.<p>The Reliance unit and Ambri are in discussions 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 the firm's green energy initiative, the statement said.</p>.<p>Demand for battery storage is growing as countries worldover look for low-carbon energy sources such as solar and wind.</p>.<p>In addition to RNESL and Gates, the Microsoft co-founder who is Ambri's largest shareholder, investors in the latest round also included Fortistar, Goehring & Rozencwajg Associates and Japan Energy Fund.</p>.<p>The USD 144 million will help Ambri "commercialise and grow its long-duration energy storage systems business globally," the statement said.</p>.<p>"Based on patented technology and designed to last between 4-24 hours, Ambri's long-duration energy storage systems will break through the cost, longevity and safety barriers associated with lithium-ion batteries used in grid-scale stationary storage applications. They will enable a crucial energy storage solution capable of supporting the increasing amounts of renewable energy being integrated into electric power grids," it said.</p>.<p>Addressing shareholders in June this year, Reliance Industries chairman Mukesh Ambani had announced plans to build four Giga factories in Jamnagar - one of them for the storage of intermittent energy, as part of the Dhirubhai Ambani Green Energy Giga Complex project.</p>.<p><strong><a href="https://www.deccanherald.com/business/billionaires-bezos-murthy-to-end-controversial-venture-1018124.html" target="_blank">Read | Billionaires Bezos, Murthy to end controversial venture</a></strong></p>.<p>"We are exploring new and advanced electrochemical technologies that can be used for such large-scale grid batteries to store the energy that we will create. We will collaborate with global leaders in battery technology to achieve the highest reliability for round-the-clock power availability through a combination of generation, storage, and grid connectivity," Ambani had said.</p>.<p>Ambri's 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 operations in 2023 and beyond.</p>.<p>Ambri has entered into a long-term antimony supply agreement with Perpetua Resources - the largest shareholder is Paulson & Co Inc.</p>.<p>At room temperature, Ambri's cell is non-conductive and its active materials are solid metals and a solid electrolyte. The battery systems operate at a maximum performance level at 500deg C.</p>.<p>Ambri-based systems generate their own heat during use, thereby eliminating the need for auxiliary power for temperature control. These systems like to be used – a full charge/discharge cycle at least every two days will keep the system at its operating temperature and higher duty cycles will not increase degradation.</p>.<p>Paulson & Co. Inc, founded in 1994, is a private investment management firm headquartered in New York. The firm invests in public and private market securities across different sectors and industries. </p>
<p>Reliance New Energy Solar Ltd, the newly floated renewable energy unit of Reliance Industries Ltd, along with Bill Gates and other investors have invested $144 million in Massachusetts-based Ambri Inc, which makes batteries for power grids.</p>.<p>RNESL would be investing $50 million in the $144 million financing round, which Ambri will use to build a manufacturing facility and commercialize its technology, the company said in a statement.</p>.<p>The investment, which will give RNESL 42.3 million shares of preferred stock in Ambri, adds another piece to billionaire Mukesh Ambani's energy transition jigsaw.</p>.<p>In June, Ambani had announced a Rs 75,000 crore investment into clean energy, including four Giga factories.</p>.<p>Ambri, which can supply energy storage systems between 10 megawatt-hours to more than 2-gigawatt hours, will make calcium and antimony electrode-based cells that can last over 20 years with minimal degradation and are considered more economical than lithium-ion batteries.</p>.<p>The American firm is looking to commercialise its liquid metal grid battery technology by 2022. This technology holds promise to lower costs by about half compared to lithium-ion batteries and also has a breakthrough in safety with rugged operating condition performance.</p>.<p>The Reliance unit and Ambri are in discussions 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 the firm's green energy initiative, the statement said.</p>.<p>Demand for battery storage is growing as countries worldover look for low-carbon energy sources such as solar and wind.</p>.<p>In addition to RNESL and Gates, the Microsoft co-founder who is Ambri's largest shareholder, investors in the latest round also included Fortistar, Goehring & Rozencwajg Associates and Japan Energy Fund.</p>.<p>The USD 144 million will help Ambri "commercialise and grow its long-duration energy storage systems business globally," the statement said.</p>.<p>"Based on patented technology and designed to last between 4-24 hours, Ambri's long-duration energy storage systems will break through the cost, longevity and safety barriers associated with lithium-ion batteries used in grid-scale stationary storage applications. They will enable a crucial energy storage solution capable of supporting the increasing amounts of renewable energy being integrated into electric power grids," it said.</p>.<p>Addressing shareholders in June this year, Reliance Industries chairman Mukesh Ambani had announced plans to build four Giga factories in Jamnagar - one of them for the storage of intermittent energy, as part of the Dhirubhai Ambani Green Energy Giga Complex project.</p>.<p><strong><a href="https://www.deccanherald.com/business/billionaires-bezos-murthy-to-end-controversial-venture-1018124.html" target="_blank">Read | Billionaires Bezos, Murthy to end controversial venture</a></strong></p>.<p>"We are exploring new and advanced electrochemical technologies that can be used for such large-scale grid batteries to store the energy that we will create. We will collaborate with global leaders in battery technology to achieve the highest reliability for round-the-clock power availability through a combination of generation, storage, and grid connectivity," Ambani had said.</p>.<p>Ambri's 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 operations in 2023 and beyond.</p>.<p>Ambri has entered into a long-term antimony supply agreement with Perpetua Resources - the largest shareholder is Paulson & Co Inc.</p>.<p>At room temperature, Ambri's cell is non-conductive and its active materials are solid metals and a solid electrolyte. The battery systems operate at a maximum performance level at 500deg C.</p>.<p>Ambri-based systems generate their own heat during use, thereby eliminating the need for auxiliary power for temperature control. These systems like to be used – a full charge/discharge cycle at least every two days will keep the system at its operating temperature and higher duty cycles will not increase degradation.</p>.<p>Paulson & Co. Inc, founded in 1994, is a private investment management firm headquartered in New York. The firm invests in public and private market securities across different sectors and industries. </p>