Ambri, a Cambridge, MA-based developer of the novel Liquid Metal Battery grid-scale energy storage technology, closed a $35m Series C equity financing.
The round was funded by new investors KLP Enterprises, the family office of Karen Pritzker and Michael Vlock, and Building Insurance Bern (GVB), the Swiss Insurance company, as well as existing investors, including Khosla Ventures, Bill Gates and the energy company Total.
The company intends to use the funds to accelerate its commercialization efforts delivering commercial systems to customers, building its initial
commercial-scale manufacturing plant, and continuing technology development.
Led by Phil Giudice, Chief Executive Officer, Ambri (formerly Liquid Metal Battery Corporation) is developing an electricity storage solution that aims to facilitate full integration of variable renewable generation like wind and solar, reduce electricity costs. The technology was invented in the lab of Dr. Donald Sadoway, a professor at the Massachusetts Institute of Technology, along with Dr. David Bradwell, Chief Technology Officer and co-founder of the company.
Ambri, which has raised over $50m in equity financing since its founding in 2010, announced the opening of its prototype cell manufacturing facility in Marlborough, MA in the fall of 2013.
FinSMEs