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Reliance builds technology & innovation portfolio for Green Energy foray through partnerships, acquisitions, R&D

IANS | August 08, 2022 12:51 PM

NEW DELHI:In his letter to shareholders, Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said "we 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".

During FY22, Reliance completed acquisitions and investments of over Rs 5, 500 crore to build capabilities in New Energy.

Reliance's partnerships includes companies like Ambri in the US, Faradion in the UK and The Netherlands-based Lithium Werks in the energy storage space.

Similarly, Reliance invested in Germany's NexWafe, which is a pioneer in next-gen technology to produce monocrystalline silicon wafers needed in making solar panels. RIL also acquired promoters' stake in REC Solar -- a global technology leader in solar panel manufacturing. 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 the Hydrogen ecosystem, Reliance joined hands with the US-based Chart Industries to set up India H2 Alliance to commercialise hydrogen technology and develop a supply chain in collaboration with other Indian stakeholders.

The company also entered into an agreement with Denmark's Stiesdal A/S for its innovative next-gen electrolyser technology, which has the potential to reduce dramatically the cost of producing hydrogen from pure water.

RIL commenced development of the Dhirubhai Ambani Green Energy Giga Complex ("DAGEGC") on 5, 000 acres in Jamnagar, which will be among the largest integrated renewable energy manufacturing facilities in the world

It signed an MoU with the Government of Gujarat for a total investment of Rs 5.95 lakh crore in Green Energy. These projects have potential to create 10 lakh direct/indirect employment opportunities in the state

The company's subsidiary REC Solar Pte Ltd. tied up Reliance Group's first green financing aggregating $586 million including a $250 million green term loan and $336 million five-year green bank guarantee facility.

Reliance Industries Limited issued its Annual Report for FY22 on August 6. The company will be holding its Annual General Meeting on Monday, August 29.

Among other things, the RIL Annual Report mentioned about the progress made by all its business verticals viz. Retail, Digital Services, O2C and E&P, and spoke about RIL's intentions in the Green Energy field.

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