Energy storage developer Ambri announced a $144 million financing round, backed by India’s Reliance New Energy Solar Ltd, Paulson & Co. Inc, and the company’s largest shareholder, Bill Gates, among others.
The funds will be used to finance and commercialize Ambri’s daily cycling, long-duration system technology and to build a domestic manufacturing facility, the company said in a press release. Ambri’s mission is to meet the needs of the grid-scale energy storage market and industrial energy customers, while supporting the transition to renewable energy sources.
“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.”
Reliance New Energy Solar Ltd, a subsidiary of Reliance Industries Limited, the largest private-sector company in India, will serve as Ambri’s strategic partner to develop and manufacture batteries in India.
Ambri manufactures calcium and antimony electrode-based cells and containerized systems—a business model that targets cost and longevity issues with lithium-ion batteries. The company is now able to scale for projects from 10 MWh to over 2GWh.