NEW DELHI: Reliance Industries Chairman and Managing Director Mukesh Ambani wrote in a letter to shareholders that the company had “entered into a series of partnerships, including equity investments, with local and international corporates with unique technological and execution capabilities, with a strong track record of innovation and a growing number of patents and IPRs across the Green Energy value chain.”
To expand its capabilities in new energy, Reliance undertook acquisitions and investments totaling more than Rs 5,500 crore during FY22.
Companies like Ambri in the US, Faradion in the UK, and Lithium Werks in the Netherlands are among Reliance’s partners in the energy storage industry.
Similarly, Reliance invested in Germany’s NexWafe, which is a pioneer in next-gen technology to manufacture monocrystalline silicon wafers needed in making solar panels. Reliance also acquired promoters’ stake in REC Solar — a global technology leader in solar panel production. Reliance picked up a 40% stake in Sterling & Wilson Renewable Energy — one of the world’s leading EPC turnkey contractors in large-scale solar projects.
In order to commercialize hydrogen technology and create a supply chain in cooperation with other Indian stakeholders, Reliance teamed up with US-based Chart Industries to form India H2 Alliance.
Reliance also entered into an agreement with Denmark’s Stiesdal A/S for its innovative next-gen electrolyser technology, which has the potential to cut dramatically the cost of producing hydrogen from pure water.
On 5,000 acres in Jamnagar, Reliance began construction on the Dhirubhai Ambani Green Energy Giga Complex (“DAGEGC”), which will be among the largest integrated renewable energy manufacturing facilities in the world. Reliance also signed an agreement with the Gujarati government to invest a total of Rs. 5.95 lakh crore in green energy.
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