Reliance Industries, through its subsidiary Reliance Finance and Investments USA LLC, acquired a 21% stake in Wavetech Helium Inc. The deal, valued at $12 million, was formalized on November 27, 2024.
Founded in July 2021, Wavetech Helium is a helium gas exploration and production company based in the United States. Helium is used in various applications, including medical, scientific research, aerospace, electronics, and fiber optics. Given the expected growth in Al and data centers, helium demand for semiconductor manufacturing is also anticipated to rise.
Wavetech started its commercial operations in fiscal year 2024. Helium produced by Wavetech Helium is used in medical applications, scientific research, aerospace and aeronautics, electronics, fiber optics, and semiconductor manufacturing.
Notably, Wavetech Helium controls Helium gas reserves (including proven) and resources in E-SE Colorado/W Kansas and NW Montana, two of the premier Helium fairways in the world.
This acquisition is part of Reliance’s strategy to expand its exploration and production business in low-carbon solutions.
Further, the investment aligns with Reliance’s strategy to diversify into new energy sectors and reduce its carbon footprint. With helium being a critical component in various high-tech applications, including medical, scientific research, aerospace, and semiconductor manufacturing, this acquisition allows Reliance to tap into the growing demand for helium.
The acquisition opens up new markets for Reliance, particularly in the United States, where helium is a valuable resource for various industries. It also aligns with global sustainability goals, as helium production has a relatively low environmental impact compared to other fossil fuels.