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The company said that RNESL will invest USD 50 million to acquire 42.3 million shares of preferred stock in Ambri. "Based on patented technology and designed to last between 4-24 hours, Ambri's long-duration energy storage systems will break through the cost, longevity and safety barriers associated with lithium-ion batteries used in grid-scale stationary storage applications. They will enable a crucial energy storage solution capable of supporting the increasing amounts of renewable energy being integrated into electric power grids," it stated.
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