Reliance Industries looks at global tie-ups in renewables, says report

Reliance Industries (RIL) might collaborate with leading global players over fuel cells, carbon capture and storage, and green ammonia as part of its gigantic plans for renewables.   Morgan Stanley Asia Pacific Insight, which tracks the group’s foray into renewables, has identified Canada-based Ballard Power as one of its potential collaborators in fuels cells, Saudi Aramco for green ammonia and Siemens Green Energies for carbon capture and storage. It had also identified Norway-based REC as a potential partner in solar energy, for which an announcement has been made by RIL over i.....
Reliance Industries (RIL) might collaborate with leading global players over fuel cells, carbon capture and storage, and green ammonia as part of its gigantic plans for renewables.

 

Morgan Stanley Asia Pacific Insight, which tracks the group’s foray into renewables, has identified Canada-based Ballard Power as one of its potential collaborators in fuels cells, Saudi Aramco for green ammonia and Siemens Green Energies for carbon capture and storage. It had also identified Norway-based REC as a potential partner in solar energy, for which an announcement has been made by RIL over its 100 per cent acquisition a few days ago.

 

RIL acquired the REC group, which manufactures both solar grade polysilicon and PV cells and modules, to have access to the whole value chain. 

 

A Reliance spokesperson declined to comment on these developments. None of the foreign companies mentioned earlier responded to queries on e-mail.

 

The hydrogen used in fuel cells has an energy-to-weight ratio which is 10 times more than the prevalent lithium-ion batteries. So, apart from being lighter and occupying smaller volumes, it can be recharged in a few minutes like gasoline, say experts. It can also be used for heavier forms of transportation such as buses, ships, and trucks. Although hydrogen is not cost effective, the price of fuel cells is likely to fall by 50-70 per cent in the next few years. Firms like Ballard are working on it. Industry estimates suggest that Reliance will set up 2GW of cell capacity.

 

According to Morgan Stanley, Reliance produced 40 mntpa of scope 2 CO2 emissions in FY21. To achieve its net carbon zero targets by 2035, the report says the company will require carbon capture as a solution as long as it continues to expand its petrochemical offering. However, Morgan Stanley estimates that RIL will require about $3-4 billion to capture 25 per cent of its emissions. 

 

Green ammonia is the process of making ammonia that is 100 per cent carbon free. Ammonia is a key raw material for the manufacture of agricultural fertiliser. RIL is engaged in a big push with US-based Chart Industries to use hydrogen as a fuel across industries ranging from steel, refineries, fertilisers and cement to city gas and transportation.     

 

The company has announced a series of acquisitions in the renewables space. Together with Bill Gates and others, it is investing $144 million in Ambri, a grid energy storage firm (different from EV) in the US which makes renewable grids and rooftop solar.

 

RIL is also in talks with Ambri to build a largescale battery manufacturing plant in India. It has also tied up with Denmark’s Stiesdal to make hydrogen electrolysers and bought shares in Germany’s NexWafe which produces monocrystalline silicon wafer. 

 

Reliance has also acquired a 40 per cent stake in Sterling & Wilson, the solar wing of the Shapoorji Pallonji group. 



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