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 (RNESL), a wholly owned subsidiary of Reliance Industries Limited, Paulson & Co. Inc., and includes Ambri’s largest shareholder, Bill Gates.
RNESL will invest $50 million to acquire 42.3 million shares of preferred stock in the company.
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.
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.
Ambri’s product is a ready-to-install DC containerized system, complete with shelves of cells, thermal management, weatherproof outer enclosure, and a battery management system (BMS), for applications that require high energy capacity, frequent cycling, long life and high efficiency.
Each Ambri cell is comprised of a robust stainless-steel housing, a positively polarized case, and a negative terminal protruding from the center of the lid.
RNESL and Ambri are also in discussions for an exclusive collaboration to set up a larges cale battery manufacturing facility in India, which could add scale and further bring down costs for Reliance’s green energy initiative.
This is a PR Newswire Feed; edited by Clean-Future Team