Diversified conglomerate Reliance Industries co-led a $144m financing round for US-based grid battery technology developer Ambri on Monday through its Reliance New Energy Solar subsidiary.
The round was co-led by investment management firm Paulson & Co and also featured Fortistar, Goehring & Rozencwajg Associates, Japan Energy Fund and private investor Bill Gates.
Ambri produces liquid metal batteries used to store energy generated by renewable power installations for long durations. The technology was developed in the laboratory of its co-founder and chief scientific adviser, Donald Sadoway, at the Massachusetts Institute of Technology.
Dan Leff, chairman of Ambri, said: “This financing supports the commercial growth of our company and technology.
“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. We are delighted that our newest shareholders, who are world class investors and strategic partners, are joining Ambri’s journey.”
The company had raised $35m in a 2014 series C round co-led by insurance provider Building Insurance Bern and family office KLP Enterprises and backed by Total Ventures, the subsidiary of oil and gas producer TotalEnergies then known as Total Energy Ventures, as well as Bill Gates and Khosla Ventures.
Khosla Ventures had already led Ambri’s $15m series B round two years earlier, when it was still known as Liquid Metal Battery, investing alongside TotalEnergies and Gates. Both were described as existing investors, though Ambri has not confirmed details of its series A funding.
