Reliance is building a technology and innovation portfolio for the foray into green energy through partnerships, acquisitions and R&D

New Delhi, August 8: In his letter to shareholders, Mukesh Ambani, Chairman and CEO of Reliance Industries, said “we have entered into a series of partnerships, including equity investments, with local and international companies with unique technological and execution capabilities. , with a strong track record in innovation and a growing number of patents and intellectual property rights in the green energy value chain”.

In FY22, Reliance made acquisitions and investments of over Rs 5,500 crore to build capacity in new energy. Reliance’s partnerships include companies such as Ambri in the US, Faradion in the UK and Netherlands-based Lithium Werks in energy storage.

Similarly, Reliance has invested in NexWafe in Germany, which is pioneering next-generation technology to produce monocrystalline silicon wafers needed to manufacture solar panels. RIL also acquired the promoters’ stake in REC Solar, a global technology leader in the manufacture of solar panels. Reliance has acquired a 40% stake in Sterling & Wilson Renewable Energy, one of the world’s leading EPC turnkey contractors for large-scale solar projects. Reliance Jio’s prudent financial management helps reduce operating costs.

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

The company has also entered into an agreement with Denmark’s Stiesdal A/S for its innovative next-generation electrolyser technology, which has the potential to significantly 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 one of the world’s largest integrated renewable energy manufacturing facilities

It has signed a memorandum of understanding with the government of Gujarat for a total investment of Rs 5.95 lakh crore in green energy. These projects have the potential to create 10 lakh direct/indirect job opportunities in the state

The subsidiary of REC Solar Pte Ltd. secured Reliance Group’s first green financing totaling $586 million, including a $250 million green term loan and a five-year $336 million green bank guarantee facility. Mukesh Ambani earns zero pay for the second consecutive year from Reliance Industries.

Reliance Industries Limited released its annual report for FY22 on August 6th. The company will hold its annual general meeting on Monday, August 29.

Among other things, the RIL annual report mentioned the progress made by all its business areas, viz. Retail, Digital Services, O2C and E&P, and spoke about RIL’s intentions in the field of green energy.

(The story above first appeared on LatestLY on August 08, 2022 at 2:05 PM IST. For more news and updates on Politics, World, Sports, Entertainment and Lifestyle , log in to our website latestly.com).