Ambri Seeks Bids for Liquid Metal Battery Amid Bankruptcy Filing

After a decade of development, Ambri, a pioneer in liquid metal battery technology, has made the difficult decision to file for Chapter 11 bankruptcy protection. This move comes as the company seeks a buyer to acquire its assets and continue its mission in the energy storage sector.

Ambri has reached an agreement with a consortium of lenders who will take over the majority of the company's assets. However, this agreement is considered a stalking horse, leaving the door open for other potential buyers to submit higher bids during an expedited sale process.

The company made headlines in 2021 when it secured $144 million in funding from a consortium led by Bill Gates, the renowned founder of Microsoft. This investment was aimed at further developing Ambri's innovative long-duration batteries, which are based on a unique combination of a liquid calcium alloy anode, a molten salt electrolyte, and a cathode made of solid antimony particles.

Manufactured by Reliance New Energy Solar in India, Ambri's batteries have garnered interest from industry players like NEC and Faradion, a UK-based sodium battery developer. NEC, in particular, has a partnership with Ambri to supply batteries for powering telecom systems, making them a potential bidder for Ambri's business.

Despite the bankruptcy filing, Ambri remains committed to advancing its liquid metal battery technology. The company has initiated reorganization proceedings under Chapter 11 and secured funding from the Lender Consortium to support its operations during the sale process, which is anticipated to be finalized by July 2024.

According to Dan Leff, Executive Chair and President of Ambri, "We are making significant strides in enhancing our battery technology and moving closer to establishing a viable commercial operation. By bolstering our financial position and collaborating with our lenders, we are positioning ourselves for future success in the energy storage market."

Expressing gratitude towards the lenders and employees for their support, Leff added, "Our focus remains on delivering high-performance, durable battery systems for long-duration energy storage applications. We are eager to conclude the sale process and embark on a new chapter of growth and innovation for Ambri."

For more information on Ambri's bankruptcy proceedings, visit dm.epiq11.com/case/ambri/info or check out their official website at www.ambri.com.