Reliance builds a portfolio of technology and innovation for the Green Energy foray through partnerships, acqu

New Delhi, August 8 (IANS): In his letter to shareholders, Mukesh Ambani, Chairman and CEO of Reliance Industries, said: “We have established a number of partnerships, including equity investments, with local and international companies with unique execution and technology capabilities, with a strong track record of innovation. and a growing number of patents and intellectual property rights throughout the green energy value chain.”

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

Reliance’s partnerships include the likes of Ambri in the US, Fradion in the UK and Netherlands-based Lithium Werks in the energy storage space.

Similarly, Reliance invested in Germany’s NexWafe, which is pioneering next-generation technology to produce monocrystalline silicon wafers needed to make solar panels. RIL also acquired the promoters’ stake in REC Solar, a world technology leader in solar panel manufacturing. Reliance acquired a 40% stake in Sterling & Wilson Renewable Energy, one of the world’s leading turnkey EPC contractors for large-scale solar projects.

In the hydrogen ecosystem, Reliance joined with US-based Chart Industries to establish the India H2 Alliance to commercialize hydrogen technology and develop a supply chain in collaboration with other Indian stakeholders.

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

RIL has begun development of the 5,000-acre Dhirubhai Ambani Green Energy Giga Complex (“DAGEGC”) in Jamnagar, which will be among the world’s largest integrated renewable energy manufacturing facilities.

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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., secured Reliance Group’s first green financing of $586 million, including a $250 million green term loan and a $336 million five-year green bank guarantee facility.

Reliance Industries Limited issued its annual report for fiscal year 22 on August 6. The company will hold its annual general meeting on Monday, August 29.

Among other things, RIL’s Annual Report mentions the progress made by all its vertical businesses, viz. Retail, Digital Services, O2C and E&P, and spoke about RIL’s intentions in the field of Green Energy.

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