New Delhi: Reliance Industries Ltd. led by Mukesh Ambani, Asia's richest businessman. (RIL) has launched reliance new energy solar ltd. It has announced an investment of $14.40 million in US battery maker Ambri (Ambri) in association with Bill Gates and other investors. Ambri makes batteries for power grids.

Reliance New Energy Solar Limited will buy 42.3 million shares of Ambri Inc., based in Massachusetts, USA, for $50 million. The investment will help the company develop its long-term energy storage system globally. Ambri Inc. has a patent for energy storage systems that work for 4 to 24 hours. Ambari's technology can overcome problems such as lithium-ion battery-related costs, safety, and prolonged running used in the grid scale's stationary storage app. This will enable renewable energy to be easily integrated into the grid system.

RNESL and Ambari are also discussing setting up of large-scale battery manufacturing facility in India. This will help in reducing the cost of Reliance's Green Energy Initiative. Addressing shareholders in June this year, Reliance Industries owner Mukesh Ambani had announced to build a Giga factory for energy storage as part of the Dhirubhai Ambani Green Energy Giga Complex project in Jamnagar.

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