Reliance Industries, India’s oil-to-telecoms conglomerate, unveiled a removable energy storage battery on Wednesday. This battery can power Electric Vehicles and appliances via an inverter. The company, led by billionaire Mukesh Ambani, aims to expand in the ‘New Energy’ sector. This includes battery storage, renewable power generation, solar module manufacturing, fuel cells, and electrolyzers.
Reliance’s New Energy Plans
The company officials did not disclose when they would start selling these multi-purpose batteries. However, they plan to collaborate with EV makers. They do not intend to manufacture EVs themselves.
Recent Acquisitions
Reliance New Energy Ltd (RNEL), a subsidiary, recently acquired Faradion Ltd., a Sodium-ion Battery technology company, and Lithium Werks, a provider of cobalt-free, high-performance Lithium Iron Phosphate (LFP) batteries.
Investments in New Energy
Battery storage and technology are key areas for Reliance’s new energy business. They have also invested in an energy storage company, acquired REC Solar Holdings AS, a solar cells and panels and polysilicon manufacturing firm, and partnered for developing hydrogen electrolyzers.
In early 2022, Reliance announced plans to invest $76 billion in green energy projects in India over the next 15 years. This follows a previous commitment to invest over $10 billion in three years in a new business unit for building solar modules, battery storage, electrolyzer, and fuel cell factories.
“We envision Reliance as a leading New Energy and New Materials company in the next 15 years,” Ambani stated at the company’s 2020 annual general meeting.
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