Ambri Inc., a Bill Gates-backed venture that makes batteries for power grids, said it secured $144 million to build production plants in funding led by billionaire Mukesh Ambani’s Reliance Industries Ltd. and Paulson & Co.
Plans include a pilot facility and a subsequent commercial-scale site in the U.S., followed by two more abroad in yet-to-be-determined locales. Reliance, India’s most valuable company, is in discussion to form a joint venture to make and distribute Ambri’s batteries as part of the transaction, the Cambridge, Massachussets-based company said in a statement Monday.