Ambri Inc. Secures $144M Financing for Battery Technology for Daily Cycling Long Duration Energy Storage Applications

MARLBOROUGH, Mass., Aug. 9, 2021 /PRNewswire/ -- 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, 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.

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.

"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."

Ambri will use the proceeds from this fund raise 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 growing 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 Ambri's batteries in India. Ambri has also entered into a long-term antimony supply agreement with Perpetua Resources, whose largest shareholder is Paulson & Co. Inc. Antimony is a key mineral in Ambri's battery chemistry and this agreement would help secure a domestic source for its supply chain.

"Reliance Industries sees this strategic partnership with Ambri as an important step in its journey of achieving its decarbonization 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 epicenter of India's Green Economy movement," statedMukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd.

"We've been looking for an opportunity to help finance important technologies for large scale utility grade battery storage systems," said John Paulson. "Ambri's novel battery technology is ready to deliver a low-cost, durable and safe battery for longer duration applications that will enable a stable grid that incorporates an increasing amount of intermittent renewable generation. Perpetua Resources, a natural resource company in Idaho, is also an ideal supply chain partner for Ambri, given that it has the largest domestic deposit of antimony, which is a key mineral in Ambri's battery chemistry."

"Our firm has been focused on emerging technologies that provide sustainability solutions now, and Ambri's one-of-a-kind batteries fit the bill," said Mark Comora, President of Fortistar. "This novel, low-cost technology will help integrate more wind and solar power into grids around the globe, especially in areas that are more remote, have been more reliant on fossil fuels, or experience extreme temperatures. This will help level the playing field when it comes to decarbonization efforts that are critical to tackling climate change, and we are proud to invest in a company that is delivering meaningful benefits with real financial value."

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 particularly 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.

About Ambri
Ambri Inc. 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 more reliably and 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. For more information visit: www.ambri.com

About Reliance Industries Limited (RIL) 
Reliance is India's largest private sector company, with a consolidated turnover of INR 539,238 crore ($73.8 billion), cash profit of INR 79,828 crore ($10.9 billion), and net profit of INR 53,739 crore ($7.4 billion) for the year ended March 31, 2021. Reliance's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. Reliance is the top-most ranked company from India to feature in Fortune's Global 500 list of 'World's Largest Companies.' It features among LinkedIn's 'The Best Companies to Work For In India' (2021). For more information visit: www.ril.com 

About Paulson & Co., Inc.
Paulson & Co. Inc., founded in 1994, is a private investment management firm headquartered in New York. The firm invests in public and private market securities across different sectors and industries.

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SOURCE Ambri Inc.