RIL's stock price improves as a result of an investment in a German company and a partnership with Stiesdal.
The stock of Reliance Industries (RIL) jumped in early trading on October 13 after the company announced a sustainable energy investment in a startup based in Germany.
"Reliance New Energy Solar (RNESL), a wholly-owned subsidiary of Reliance Industries (RIL), will invest 25 million euros (USD29 million) in NexWafe GmbH in Germany," according to a statement.
NexWafe GmbH, which manufactures high-efficiency monocrystalline silicon wafers, has agreed to sell RNESL 86,887 series C preferred shares with a face value of EUR 1 each for EUR 287.73 apiece, for a total of EUR 25 million.
NexWafe has developed a patented technique that can significantly reduce the cost of photovoltaic (PV) cell production. The invention has the potential to make "solar photovoltaics the most cost-effective renewable energy source accessible."
In addition, RNESL will be awarded 36,201 warrants, each redeemable for 1 euro, subject to the achievement of agreed-upon milestones, according to an exchange filing.
The deal is expected to close by the end of October 2021.
RNSEL has teamed with Stiesdal A/S to develop and produce hydrogen electrolysers, according to RIL. The license has been granted to RNESL, according to an exchange filing.
Stiesdal is a Danish firm that develops and commercialises climate-change mitigation technologies.
On October 10, Reliance New Energy Solar Ltd (RNESL) announced the purchase of REC Solar Holdings AS (REC Group), based in Norway, as well as a 40% stake in Sterling and Wilson Solar Ltd. (SWSL).
Reliance Industries was trading at Rs 2,680.85 on the BSE at 0921 hours, up to Rs 12.30, or 0.46 percent.
On October 11, 2021, the stock hit a 52-week high of Rs 2,724.70, and on January 29, 2021, it hit a 52-week low of Rs 1,830. It is currently trading at 46.49 percent above its 52-week low and 1.61 percent below its 52-week high.
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