Synopsis: Ambri’s long-duration energy storage devices, based on patented technology and expected to last between 4 and 24 hours, will break through the cost, longevity, and safety hurdles associated with lithium-ion batteries.
Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has made its first acquisition as part of the group’s new energy aspirations.
It has announced a $144 million investment in Ambri Inc, an energy storage startup based in Massachusetts, with Paulson & Co. Inc, Bill Gates, and a few other investors.
The funds will be used to help the company build and expand its global long-term energy storage solutions business.
RIL stated in an early morning statement that the investment will help the company commercialize and build its long-duration energy storage solutions business globally. RNESL will invest $50 million in Ambri to purchase 42.3 million preferred stock shares.
Ambri’s long-duration energy storage devices, which are based on proprietary technology and designed to last between 4 and 24 hours, will break through the cost, longevity, and safety limitations 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.
RNESL and Ambri are also 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 Reliance’s green energy initiative,” said the statement.
Reliance Industries Chairman Mukesh Ambani revealed plans to develop a Giga Factory in Jamnagar for the storage of intermittent energy during a shareholder meeting in June this year as part of the Dhirubhai Ambani Green Energy Giga Complex project.
“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.
Ambri can handle projects requiring energy storage systems ranging from 10 MWh to more than 2 GWh. The company plans to produce calcium and antimony electrode-based cells and containerized systems that are less expensive than lithium-ion batteries can operate safely in any climate without extra air cooling, and are expected to survive for more than 20 years with minimum deterioration.
Ambri systems are well-suited to high-usage applications, such as transferring energy from solar generating during the day to peak-load times in the evening and morning.
Customers are being secured for large-scale projects that will begin commercial operations in 2023 and beyond.
