Ambri Inc., maker of daily cycling long-duration battery systems, has secured $144 million from Reliance New Energy Solar, Bill Gates, who is the company’s largest shareholder, and others.
Founded in 2010, based on MIT lab work and backed by seed money from Gates, Ambri has developed and commercialized proprietary liquid-metal battery technology enabling the use of low-cost materials and fewer steps in the assembly process. Additionally, Ambri’s long-duration batteries — lasting from 4 to 24 hours — are resistant to extreme heat, do not require air conditioning, and are not explosive or combustive, eliminating a key concern with lithium-ion battery systems. The materials used to make Ambri’s batteries are commonly available, have low toxicity and are easy to recycle, making them environmentally friendly.
Long-duration battery systems are critical to delivering renewable energy to the electric grid while still maintaining reliability. Many companies like Google, Microsoft, IBM, JPMorgan and others are pursuing ambitious 100% renewable energy goals. However, even as solar and wind costs continue to decline, a key challenge with achieving these goals is the intermittency of wind and solar affecting reliability, and energy storage is a central part of the solution.
Over the next 2-3 years, Ambri plans to scale up its commercial applications. The company will use the latest financing to expand its manufacturing facilities in the U.S. and internationally to meet growing demand from commercial and industrial customers, such as data centers. Reliance New Energy Solar will serve as Ambri’s strategic partner for expansion in India.
“This financing supports the commercial growth of our company and technology,” said Dan Leff, Ambri Executive Chairman. “Further, these funds are instrumental to driving our efforts to scale the company’s operations and establish our manufacturing infrastructure to meet rapidly expanding customer demand. We are delighted that our newest shareholders, who are world class investors and strategic partners, are joining Ambri’s journey.”