Amprius and U.S. Department of Energy Mutually Agree to End Negotiations for Cost Sharing Grant
June 02 2023 - 4:08PM
Business Wire
Amprius Technologies, Inc. (“Amprius” or the
“Company") (NYSE: AMPX), a leader in next-generation
lithium-ion batteries with its Silicon Anode Platform, today
announced that the Company and the U.S. Department of Energy’s
(“DOE”) Office of Manufacturing and Energy Supply Chains (“MESC”)
have mutually agreed to end the negotiation of the previously
announced cost-shared demonstration project. Amprius thanks the DOE
for the invitation to participate in the negotiations for this
funding award. The Company appreciates the support it has received
from the DOE over the years and looks forward to future partnership
opportunities.
As Amprius works to meet the significant demand for its
ultra-high energy density lithium-ion batteries, the Company
remains unchanged in its focus on achieving mass production scale
and delivering on its product roadmap. The decision to exit the DOE
program provides the Company with significantly more operational
flexibility in scale, vendor and supply chain management, product
portfolio development and speed required for the success of
large-scale manufacturing of Amprius’ high energy density batteries
in the United States.
“Our priority remains scaling up the first large-scale
production site for the world’s next-generation battery cells in
Brighton, Colorado as part of our drive to ensure that a clean
energy future is American-made,” said Dr. Kang Sun, Chief Executive
Officer of Amprius Technologies. “We continue to deliver on our
commitments and are making significant progress in expanding our
existing commercial production in Fremont, California and our new,
large-scale production in Brighton, Colorado sites.”
Amprius’ current level of battery performance demonstrates that
the Company has the capability to deliver battery cells using its
proprietary anode technology that have a specific energy and energy
density that approach 2X the performance of graphite cells
currently available for purchase. Amprius’ commercially available
batteries today deliver up to 450 Wh/kg and 1,150 Wh/L, the
industry’s highest known energy density cells available on the
market today. Most recently the Company’s batteries were
independently verified to perform at 500 Wh/kg and 1,300 Wh/L.
Amprius has military, commercial and defense segment customers who
are integrating this capacity into their product plans in order to
serve critical national security needs.
In March of 2023, Amprius announced plans to build a
gigawatt-scale factory in Brighton, Colorado for its
next-generation lithium-ion batteries with its Silicon Anode
Platform. The DOE funding of $50 million was only a portion of the
expected cost to complete the initial phase of 500 MWh production.
This facility is planned to create 330 full-time jobs and is still
expected to be operational by 2025. Amprius plans to continue its
commercialization plans that include a multi-phased approach.
For more information on Amprius, please visit the Company’s
investor relations website at https://ir.amprius.com.
About Amprius Technologies, Inc.
Amprius Technologies, Inc. is a leading manufacturer of
high-energy and high-power lithium-ion batteries producing the
industry’s highest known energy density cells. The company’s
commercially available batteries deliver up to 450 Wh/kg and 1,150
Wh/L. The company’s corporate headquarters is in Fremont,
California where it maintains an R&D lab and a pilot
manufacturing facility for the fabrication of silicon anodes and
cells. To serve customer demand, Amprius recently entered into a
lease agreement for an approximately 774,000 square foot facility
in Brighton, Colorado. For additional information, please visit
amprius.com. Also, see the company’s LinkedIn and
Twitter pages.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, each as
amended. Forward-looking statements may be identified by the use of
words such as "estimate," "plan," "project," "forecast," "intend,"
"expect," "anticipate," "believe," "seek" or other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding Amprius’ ability to access funding to continue
progressing towards its goals; Amprius’ ability to build a
large-scale manufacturing facility and expand its manufacturing
capacity; the number of jobs that will be created in the
manufacturing process; Amprius’ future commercial products; the
expected benefits that may result from not continuing with the cost
sharing grant; and the potential application and performance of
Amprius’ batteries. These statements are based on various
assumptions, whether or not identified in this press release, and
on the current expectations of Amprius’ management and are not
predictions of actual performance. Actual results could differ
materially from these forward-looking statements as a result of
certain risks and uncertainties. These forward-looking statements
are subject to a number of risks and uncertainties, including
Amprius’ ability to secure appropriate funding under reasonably
acceptable terms; Amprius’ liquidity position; delays or failure in
rezoning the land for its manufacturing facility; delays in
construction and operation of production facilities; risks related
to the rollout of Amprius’ business and the timing of expected
business milestones; the effects of competition on Amprius’
business; supply shortages in the materials necessary for the
production of Amprius' products; and changes in domestic and
foreign business, market, financial, political and legal
conditions. For more information on these risks and uncertainties
that may impact the operations and projections discussed herein can
be found in the documents we filed from time to time with the
Securities and Exchange Commission (the "SEC"), all of which are
available on the SEC’s website at www.sec.gov. There may be
additional risks that Amprius does not presently know or that
Amprius currently believes are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Amprius’ expectations, plans or forecasts of future events
and views as of the date of this press release. These
forward-looking statements should not be relied upon as
representing Amprius’ assessments as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements. Except as required
by law, Amprius specifically disclaims any obligation to update any
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230602005357/en/
Investors Cody Slach, Tom Colton Gateway Group, Inc.
949-574-3860 IR@amprius.com
Media Zach Kadletz, Brenlyn Motlagh Gateway Group, Inc.
949-574-3860 amprius@gateway-grp.com
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