Reuters

Reliance joins Bill Gates, others to invest $144 million in U.S. energy storage co

Indian oil-to-telecoms conglomerate Reliance Industries Ltd said on Tuesday it would invest $144 million in U.S. energy storage company Ambri Inc, along with billionaire Bill Gates, investment management firm Paulson & Co and others. The investment comes months after Reliance unveiled a $10 billion green energy plan in its drive to become a net carbon zero company by 2035, with plans to build four ‘giga factories’ at Jamnagar in the western Indian state of Gujarat to produce solar cells and modules, energy storage batteries, fuel cells and green hydrogen. Reliance, through its wholly-owned unit Reliance New Energy Solar Ltd (RNESL), will acquire 42.3 million shares of preferred stock in Ambri for $50 million, the company said https://bit.ly/2VJKYVx in a statement.

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