Reliance Partners with Norway's Nel to Boost New Energy Investments

Reliance Industries Ltd (RIL) has entered into a strategic technology partnership with Norway's Nel ASA to accelerate its investments in green energy, including the production of green hydrogen. This move supports billionaire Mukesh Ambani’s shift towards renewable energy.

On May 21, Reliance signed a technology licensing agreement granting it exclusive rights to Nel's alkaline electrolysers in India. Additionally, RIL can manufacture these electrolysers for its own use globally.

Morgan Stanley, in a note, described the partnership as mutually beneficial, enhancing RIL’s efforts to build an integrated energy vertical and decarbonize its portfolio. For Nel, the agreement opens new revenue streams in India and globally.

Nel, which holds a 10-15% global market share in electrolysers, can also procure equipment from Reliance for its projects under the agreement. However, Nel will continue to independently serve the Indian market with other technology platforms.

Mukesh Ambani announced in 2022 that Reliance would invest USD 75 billion in renewable infrastructure, including solar panels and electrolyzers. The company aims to be net zero by 2035, leading the region in green energy commitments.

Reliance plans to produce 100 gigawatts of renewable energy, contributing significantly to India's target of 500GW of installed renewable energy by 2030, with solar power expected to make up 280GW of this goal.

This partnership with Nel provides Reliance access to advanced technology for manufacturing electrolysers, positioning it as a key player in India's green energy revolution.

HBL