Ambri secures $144m financing to commercialize and grow
Ambri Inc. has announced that it has secured a $144 million financing to commercialize and grow its daily cycling, long-duration system technology, and to build a domestic manufacturing facility. The latest round of financing was led by strategic investors Reliance New Energy Solar Ltd, a wholly owned subsidiary of Reliance Industries Limited, Paulson & Co. Inc., and includes Ambri’s largest shareholder, Bill Gates, new investors, Fortistar, Goehring & Rozencwajg Associates, Japan Energy Fund and others.
Ambri’s long-duration systems, which are based on its patented technology, are designed to break through the cost, longevity and safety barriers associated with lithium-ion batteries—enabling a critically necessary energy storage solution as increasing amounts of renewable energy are integrated into the grid.
Ambri will use the proceeds from this fund raise to design and construct high-volume manufacturing facilities in the U.S. and internationally that will supply its long-duration battery systems to meet the growing demand from the grid-scale energy storage market and large industrial energy customers, such as data centers. As part of the transaction, Reliance New Energy Solar Ltd. has been selected as Ambri’s strategic partner to develop and manufacture Ambri’s batteries in India. Ambri has also entered into a long-term antimony supply agreement with Perpetua Resources, whose largest shareholder is Paulson & Co. Inc. Antimony is a key mineral in Ambri’s battery chemistry and this agreement would help secure a domestic source for its supply chain.
Partnering with developers of renewable projects, Ambri is now able to scale for projects from 10 MWh to over 2 GWh around the globe. The company will manufacture calcium and antimony electrode-based cells and containerised systems that are more economical than lithium-ion batteries, capable of operating safely in any climatic condition without requiring supplemental air conditioning and meant to last for over 20 years with minimal degradation. Ambri systems are particularly suited for high-usage applications, such as shifting energy from daytime solar generation to evening and morning peak load times. The batteries are designed to last for durations ranging from 4 to 24 hours. The company is securing customers for large-scale projects with commercial operation dates in 2023 and beyond.
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