WHITE PLAINS, N.Y. (August 10, 2021)
Today, Fortistar, a privately-owned investment firm that provides capital to build, grow and manage companies that address complex sustainability challenges, today announced that it joined a $144 million round of equity financing led by Reliance Industries Ltd. and Paulson & Co. Inc. in Ambri Inc., a technology firm that has developed new, long-duration battery technology that will reduce costs while increasing the reliability, efficiency and widespread use of renewable energy sources.
Ambri’s liquid metal™ storage solution will serve as a critical, affordable energy storage technology to support increasing amounts of renewable energy to the electrical grid. Ambri’s patented battery delivers durable and safe energy without utilizing costly, socially and environmentally problematic rare-earth metals. The technology will fundamentally change the way power grids operate by increasing contributions from renewable resources and reducing the need to build traditional power plants.
“Our firm has been focused on emerging technologies that provide sustainability solutions now, and Ambri’s batteries fulfill a very critical need,” said Mark Comora, President of Fortistar. “This novel energy storage technology will improve grid stability to help distribute more wind and solar power in urban, rural, and remote areas around the globe, especially in areas that have been more reliant on fossil fuels, or experience extreme temperatures. We’re proud to invest in a company that is delivering meaningful benefits with real financial value.”
Ambri will use the funds to design and construct high-volume manufacturing facilities in the U.S. and internationally that will supply Ambri long-duration battery systems to meet the growing demand from the grid-scale energy storage market and large industrial energy customers, such as data centers. This capital will allow Ambri to become a global leader in long-duration energy storage to meet growing demand from industrial and grid-level clients.
“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.”
Partnering with developers of renewable projects, Ambri will provide storage solutions to projects from 10 megawatt hours to over 2 gigawatt hours which can store the energy from over 1.5 million solar panels in each project every day. Ambri’s calcium and antimony electrode-based batteries are more affordable and safer than expensive and flammable lithium-ion batteries. Its highly durable batteries can operate for 20 years or more at all climate temperatures with minimal degradation.
The Ambri investment is part of Fortistar’s continued evolution from independent power projects to growth investments in emerging businesses and technologies that offer groundbreaking decarbonization and sustainability solutions. The Ambri investment is similar to recent investments: Breakthrough Technologies, a company that builds innovative industrial products that improve water and energy sustainability; Pellucere, a company that manufactures anti-reflective and anti-soiling coatings for the solar market; and Bayotech, a leader in on-site hydrogen production.
Ambri Inc. has developed and is commercializing a new, long-duration battery technology that will enable widespread use of renewable energy sources, reduce electricity costs, and enable power systems to operate more reliably and efficiently. The liquid metal battery project began at MIT in the lab of Professor Donald Sadoway, and the Company was formed in 2010 when the project achieved significant technical breakthroughs. Ambri’s investors include Khosla Ventures, Bill Gates and TOTAL SE. More information is available at www.ambri.com.
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