Amprius Signs LOI with Fortune Global 500 Leader in Light Electric Vehicles
04 September 2024 - 10:30PM
Business Wire
SiCore™ Cells to Boost LEV Range by 25% with
Potential Multi-GWh Agreement
Amprius Technologies, Inc. (“Amprius”) (NYSE:
AMPX), a leader in next-generation lithium-ion batteries with
its Silicon Anode Platform, today announced it has signed a
non-binding Letter of Intent (“LOI”) with a Fortune Global 500
technology OEM to develop a high-energy SiCore™ cylindrical cell
for Light Electric Vehicle (“LEV”) applications. The LOI
demonstrates both parties’ intention to enter into a commercial
supply agreement that will cover the next 5 years.
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Amprius Signs LOI with Fortune Global 500
Leader in Light Electric Vehicles (Graphic: Business Wire)
The Fortune Global 500 technology company has a strong presence
in the LEV industry and is looking to enhance its product offerings
through this strategic partnership with Amprius. The potential
future business associated with the non-binding LOI could provide
Amprius with battery production orders exceeding 2 GWh over the
proposed contract’s duration.
Under this LOI, Amprius will design and deliver high energy
density cylindrical cells based on Amprius’ SiCore anode chemistry
with a 25% capacity improvement over the current industry standard.
While the performance specifications are still being finalized,
this development aims to substantially increase energy capacity,
marking a significant milestone for both companies. Amprius has
secured over 125 million SiCore cylindrical cell annual production
capacity through contract manufacturing partnerships. Additional
capacity will be available in 2025.
“This partnership further demonstrates Amprius’ industry-leading
battery performance and its ability to significantly improve
product range and performance across a variety of industries,” said
Dr. Kang Sun, CEO of Amprius Technologies. “As we continue to
transform the electric mobility sector, we are beginning to make
strong inroads in the light electric vehicle space. We are excited
to add another Fortune Global 500 company to our robust list of
customers who trust Amprius to power their devices and products.
The batteries for this application will take advantage of Amprius'
new breakthrough SiCore cell chemistry and cylindrical cell
design.”
Amprius will begin shipping the first group of SiCore
cylindrical cells designed for this application to the customer
this year.
The LEV market is expected to grow rapidly, reaching an
estimated $205.7 billion by 2032, with a compound annual growth
rate (CAGR) of 9.74% from 2023 onward, according to a Providence
Research Report. This growth will continue to drive increasing
demand for high-performance batteries across the micro-mobility
sector.
For more information, please visit the Amprius investor
relations website at 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 SiMaxx™ batteries deliver up to 450 Wh/kg
and 1,150 Wh/L, with third-party validation of 500Wh/kg and 1,300
Wh/L. Amprius expanded its product portfolio to include the SiCore™
platform in 2024, significantly enhancing its ability to serve
additional customer applications. The company’s corporate
headquarters is in Fremont, California, where it maintains an
R&D lab and a MWh scale manufacturing facility for the
fabrication of silicon anodes and cells. To serve customer demand,
Amprius entered into several agreements to secure over 500MWh of
contract manufacturing available today and entered into a lease
agreement for a gigawatt-hour-scale 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 the potential business the LOI will provide to
Amprius, the products Amprius will design and deliver under the
LOI, the increase in energy capacity of the development under the
LOI, Amprius’ manufacturing capacity, Amprius’ ability to improve
product range and performance across different industries, the
addressable market of Amprius’ products, when Amprius will begin
shipping products under the LOI and the size of the LEV market.
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’ liquidity
position; risks related to the rollout of Amprius’ business and the
timing of expected business milestones; Amprius’ ability to
commercially produce high performing batteries; 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240904403399/en/
Investors Tom Colton, Greg Bradbury 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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