Reliance New Energy Solar Ltd. (RNESL), along with strategic investors Paulson & Co. and Bill Gates, and a few other investors, has invested $144 million in Ambri Inc., an energy storage company based in Massachusetts.
The investment will help the company commercialize and grow its long-duration energy storage systems business globally. RNESL will invest $50 million to acquire 42.3 million shares of preferred stock in Ambri.
Ambri can cater to projects that require energy storage systems from 10 megawatt hours to more than 2 gigawatt hours. The company will manufacture calcium and antimony electrode-based cells and containerized systems that are more economical than lithium-ion batteries, capable of operating safely in any climatic condition without requiring supplemental air conditioning and meant to last for more than 20 years with minimal degradation.
Ambri systems are particularly suited for high-usage applications, such as shifting energy from daytime s