Leading the Charge in Battery Technology
Amprius Technologies, Inc. (NYSE: AMPX), a frontrunner in next-generation lithium-ion batteries, has announced securing over $20 million in contracts to supply 40 Ah high-performance cells for Light Electric Vehicle (LEV) applications. This significant achievement underscores Amprius’ capability to navigate the commercial validation process efficiently, securing volume commitments while delivering substantial quantities of cells to its customers.
High-Performance Cells Tailored for LEV
The contracts highlight the demand for Amprius’ 40 Ah cells, known for their superior energy density, enhanced safety features, and competitive pricing. Specifically designed for LEV applications, these larger format cells reinforce Amprius’ position as a key player in the battery industry, especially as more customers recognize the advantages of its leading battery technology. Amprius anticipates beginning shipments in 2024, with full revenue recognition expected by mid-2025.
Strategic Partnerships and Manufacturing Capabilities
Dr. Kang Sun, CEO of Amprius Technologies, commented on the recent contract developments, noting, “This is another strong customer commitment following our recent 2 GWh potential LOI with a Fortune 500 company.” He emphasized the company’s ability to quickly meet the growing demand for its high-performance silicon anode batteries, particularly in light electric vehicles and aviation. With over 500 MWh of capacity currently available, Amprius is well-positioned to support this expanding market.
In June, Amprius established partnerships with several contract manufacturers across Asia, enabling immediate scale-up without incurring additional capital expenditures. This strategic move allows Amprius to fulfill customer demand efficiently while ramping up its own manufacturing capabilities at its Fremont, California facility, targeting 2 MWh, and finalizing design plans for a gigawatt-hour scale factory in Brighton, Colorado.
Growing Market Demand for LEVs
The LEV market is poised for rapid expansion, with projections estimating it will reach $205.7 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.74% from 2023 onwards, according to a Providence Research Report. This anticipated growth is driving the demand for high-performance batteries in the micro-mobility sector, a space where Amprius aims to increase its presence.
About Amprius Technologies, Inc.
Amprius Technologies, Inc. specializes in high-energy and high-power lithium-ion batteries, delivering industry-leading energy density with its SiMaxx™ batteries, which provide up to 450 Wh/kg and 1,150 Wh/L. The company also introduced the SiCore™ platform in 2024, enhancing its ability to cater to diverse customer applications. Headquartered in Fremont, California, Amprius maintains an R&D lab and a manufacturing facility for silicon anodes and cells, while securing contracts for over 500 MWh of available contract manufacturing.
For more information, visit amprius.com.
Source: businesswire.com
