Ambri, a Marlborough, Mass.-based long-duration battery technology developer, secured $144m in financing.
The round 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.
Led by Dan Leff, Executive Chairman, Ambri has developed and is commercializing a new, long-duration battery technology that will enable widespread use of renewable energy sources, reduce electricity costs, and enable power systems to operate efficiently. The liquid metal battery project began at MIT in the lab of Professor Donald Sadoway, and the company was formed in 2010 when the project achieved significant technical breakthroughs.
The company intends to use the funds to commercialize and grow its daily cycling, long-duration system technology, and to build a domestic manufacturing facility. The proceeds will be used 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 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 its batteries in India. The company has also entered into a long-term antimony supply agreement with Perpetua Resources, whose largest shareholder is Paulson & Co. Inc., to 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 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.