RNESL and partners to invest $144 million in energy storage company

Reliance New Energy Solar Limited (RNESL) and a few investors have announced an investment of $144 million in a US-based energy storage company, Ambri Inc in Massachusetts.

RNESL will invest $50 million to acquire 42.3 million shares of preferred stock in Ambri. It will help the company to grow its long-duration energy storage systems business globally. RNESL and Ambri are also in discussions to set up a large-scale battery manufacturing facility in India, to help bring down costs for Reliance’s green energy initiative.

GET ACCESS TO OUR ARTICLES

Enter your email address

Share your work e-mail and access a free 3 month digital subscription to Power Line Magazine