August 19, 2021: Long-duration storage firm Ambri Inc has received a $144 million investment from Reliance Industries, Ambri announced on August 9.
Reliance New Energy Solar led the financing round, which reaped investment from Ambri’s largest shareholder, Bill Gates, among other new investors.
The money will be used to build manufacturing facilities in the US and around the world so that it can compete in the global bid to meet growing storage demand.
“This financing supports the commercial growth of our company and technology,” said Dan Leff, Ambri executive chairman. “Further, these funds are instrumental to driving our efforts to scale the company’s operations and establish our manufacturing infrastructure to meet rapidly expanding customer demand.”
Reliance will also steer the company’s plans to make Ambri’s batteries in India.
“Reliance Industries sees this strategic partnership with Ambri as an important step in its journey of achieving its decarbonization goals,” said Reliance chairman and managing director Mukesh Ambani.
“Our investment in Ambri is part of our broader plan to develop the Dhirubhai Ambani Green Energy Giga Complex, which will be among the largest integrated renewable energy manufacturing facilities in the world and the epicentre of India’s Green Economy movement.”
Ambri’s battery technology is a liquid metal chemistry, which began life in the lab at MIT under professor Donald Sadoway.
Its cells are calcium and antimony electrode based, in containerized systems that it says are more economical than lithium-ion batteries and capable of operating safely in any climatic condition without requiring supplemental air conditioning.
As well as securing the investment Ambri says it has agreed a long-term supply of antimony with Perpetua Resources, owned by Paulson & Co.
John Paulson said his firm had been looking for an opportunity to invest in large-scale battery storage technologies.
“Ambri’s battery technology is ready to deliver a low-cost, durable and safe battery for longer duration applications that will enable a stable grid that incorporates an increasing amount of intermittent renewable generation,” he said.
Ambri says its batteries can last for 20 years with minimal degradation, and are particularly suited to high-use applications, such as shifting energy from daytime solar generation to evening and morning peak load times.
“The batteries are designed to last for durations ranging from four to 24 hours,” the company says. “The company is securing customers for large-scale projects with commercial operation dates in 2023 and beyond.”