Reliance Industries share price gained over a percent on Tuesday after the energy-to-telecom major announced an investment in US-based energy storage company Ambri Inc.

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RIL, through its subsidiary Reliance New Energy Solar Ltd (RNESL) along with strategic investors Paulson & Co. Inc. and Bill Gates, and a few other investors will invest $144 million in Ambri Inc. RNESL will invest $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,” Reliance Industries said in a regulatory filing.

RNESL and Ambri are also in discussions to set up a larges cale battery manufacturing facility in India, which could add scale and further bring down costs for Reliance’s green energy initiative.

The investment comes months after Reliance Industries chairman Mukesh Ambani in July had announced plans to build a Giga Factory in Jamnagar, Gujarat to produce solar cells and modules, energy storage batteries, fuel cells and green hydrogen.

“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,” RIL said.

At 11:25 am, the shares of Reliance Industries were trading 1.51 percent higher at Rs 2,108.60 apiece on the BSE.

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First Published:Aug 10, 2021 11:43 AM IST