Reliance New Energy Solar will invest USD 50 million to acquire 42.3 million shares of preferred stock in Ambri.
Reliance Industries (RIL) share price added over 1 percent as the company's subsidiary announced an investment in US based company.
"Reliance New Energy Solar (RNESL), a wholly owned subsidiary of RIL, along with strategic investors Paulson & Co. Inc. and Bill Gates, and a few other investors, has announced an investment of USD 144 million in Ambri Inc, an energy storage company based in Massachusetts, USA," as per the company press release.
The investment will help the company commercialise and grow its long-duration energy storage systems business globally.
RNESL will invest USD 50 million to acquire 42.3 million shares of preferred stock in Ambri.
“We are exploring new and advanced electro-chemical technologies that can be used for such large-scale grid batteries to store the energy that we will create," said Mukesh Ambani, Chairman, Reliance Industries.
"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," he added.
At 10:45 hrs Reliance Industries was quoting at Rs 2,103.60, up Rs 26.35, or 1.27 percent.
The share touched a 52-week high of Rs 2,368.80 and a 52-week low of Rs 1,830 on 16 September, 2020 and 29 January, 2021, respectively.
Currently, it is trading 11.2 percent below its 52-week high and 14.95 percent above its 52-week low.
Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.Reliance Industries share price gains on $50-million investment in Ambri - Moneycontrol.com
Read More
No comments:
Post a Comment