Amprius Technologies, Inc. (NYSE: AMPX), a leader in advanced lithium-ion batteries, has secured over $20 million in contracts to supply 40 Ah high-performance battery cells for Light Electric Vehicle (LEV) applications. The company will begin delivering these silicon anode platform-based cells in 2024, with all revenue to be recognized by mid-2025.
Meeting Growing Demand for High-Performance Batteries
The contracts underscore Amprius’ growing influence in the LEV market, where its batteries are sought after for higher energy density, safety features, and competitive pricing. The 40 Ah cells, optimized for LEVs, enable the company to meet increasing demand as the electric mobility sector rapidly expands.
“This latest commitment follows a recent 2 GWh potential LOI with a Fortune 500 company,” said Dr. Kang Sun, CEO of Amprius Technologies. “Our batteries’ performance is accelerating customer validation and driving business growth across electric mobility sectors.”
Scaling Up Production to Meet Market Needs
Amprius is leveraging partnerships with Asian contract manufacturers to meet escalating customer demand. The company shipped batteries to over 130 customers in the first half of 2024 and is ramping up its Fremont, California facility to 2 MWh capacity. Design plans for a gigawatt-hour scale factory in Brighton, Colorado, are also being finalized.
The LEV market is projected to reach $205.7 billion by 2032, with a compound annual growth rate of 9.74% from 2023, driving demand for high-performance energy storage solutions across the micro-mobility sector.
For more details, visit the Amprius investor relations site at ir.amprius.com.
Source: businesswire.com
