Bill Gates-Backed Battery Storage Tech Company Ambri Raises $144 Million
Long-duration battery technology company Ambri announced today it has secured a $144 million financing, led by Reliance New Energy Solar and Paulson & Co. Bill Gates, the company’s largest shareholder, also participated in the funding round.
Founded in 2010, Ambri is commercializing the Liquid Metal Battery solution, a low-cost, long-duration battery technology, aimed at enabling power systems to operate more reliably and efficiently, one of the key requirements for widespread use of renewable energy integration into the grid.
Dan Leff, Ambri Executive Chairman, said:
“This financing supports the commercial growth of our company and technology. 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.”
Proceeds from the funding will be used for the design and construction of high-volume manufacturing facilities both in the U.S. and globally to meet the growing demand from grid-scale energy storage market and large industrial clients. Additionally, the company announced partnerships with Reliance New Energy Solar to develop Ambri batteries in India, and Perpetua Resources to secure a domestic source for its supply chain.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd, added:
“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.”
New investors in the financing includied Fortistar, Goehring, Rozencwajg Associates, and Japan Energy Fund, among others.
Mark Comora, President of Fortistar, said:
“Our firm has been focused on emerging technologies that provide sustainability solutions now, and Ambri’s one-of-a-kind batteries fit the bill. 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.”