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August 10, 2021

Ambri receives $144m investment for battery system manufacturing plants

Ambri will use the funding to commercialise and grow its long-duration system technology.

By Umesh Ellichipuram

US-based battery technology developer Ambri has secured a $144m investment in a financing round to build manufacturing facilities to supply its long-duration battery systems.

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Built both domestically and internationally, the battery systems will help Ambri meet growing demand from the grid-scale energy storage market and large industrial energy customers, such as data centres.

With this financing, the company plans to commercialise and grow its daily cycling, long-duration system technology.

The financing round was led by investors, including Reliance New Energy Solar, Paulson and Co and Ambri’s largest shareholder, Bill Gates.

New investors such as Fortistar, Goehring and Rozencwajg Associates and the Japan Energy Fund also contributed to the funding round.

Ambri executive chairman Dan Leff said: “This financing supports the commercial growth of our company and technology.

“These funds are [also] instrumental to driving our efforts to scale the company’s operations and establish our manufacturing infrastructure to meet rapidly expanding customer demand.”

Reliance New Energy Solar, a wholly owned subsidiary of Reliance Industries, will be Ambri’s strategic partner for developing and manufacturing its batteries in India.

Reliance Industries chairman and managing director Mukesh Ambani said: “Reliance Industries sees this strategic partnership with Ambri as an important step in its journey of achieving its decarbonisation goals.

“Our investment in Ambri is part of our broader plan to develop the Dhirubhai Ambani Green Energy Giga Complex, which will be amongst the largest integrated renewable energy manufacturing facilities in the world and the epicentre of India’s Green Economy movement.”

Ambri has also signed a long-term supply agreement with Perpetua Resources for the supply of antimony, a key mineral used in Ambri’s battery chemistry.

Ambri will produce calcium and antimony electrode-based cells and containerised systems, which are capable of operating safely in any climatic condition and are meant to last for more than 20 years with minimal degradation.

Related Companies

Free Report
img

Battery energy storage will be the key to energy transition – find out how

The market for battery energy storage is estimated to grow to $10.84bn in 2026. The fall in battery technology prices and the increasing need for grid stability are just two reasons GlobalData have predicted for this growth, with the integration of renewable power holding significant sway over the power market. Over the last decade, various new digital and smart technologies have been integrated, with countries aggressively promoting the modernization of grids, enhancing the grids’ capability to meet present and future requirements. As part of the effort, batteries are being deployed for a wide range of uses. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. Read this report for expert insights into:
  • Market size and growth
  • Key drivers and restraints
  • Regional trends
  • The impact of the commodity price increase on the battery prices
Get ahead of this growing market and win big by utilizing our report.
by GlobalData
Enter your details here to receive your free Report.

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