Ambri files for bankruptcy protection, opens bids for Liquid metal battery
After a decade of development, liquid metal battery developer Ambri is filing for Chapter 11 bankruptcy protection and is looking for a buyer.
Ambri has agreed a sale with a consortium of lenders who will acquire the majority of the assets of the company, although it said this was a stalking horse and it is open to higher and better bids from other parties during an expedited sale process.
The company raised $144m in 2021 from a consortium backed by Bill Gates, founder of Microsoft, for its long duration batteries based around a patented liquid calcium alloy anode, a molten salt electrolyte and a cathode comprised of solid particles of antimony.
The batteries are made by Indian firm Reliance New Energy Solar, which also owns UK sodium battery developer Faradion, and Ambri has a deal with NEC to supply batteries to power telecoms systems, and both are potential bidders for the business.
Advanced Liquid Metal Battery system heads for commercialization
Ambri has filed voluntary petitions for reorganization under Chapter 11 and has commitments from the Lender Consortium, to fund its business throughout the sale process, which is expected to be approved in July 2024.
“Ambri continues to make progress on advancing cell technology into its third generation and moving towards its objective of establishing a commercial business,” said Dan Leff, Executive Chair and President of Ambri. “We are taking steps to build on this progress by strengthening our financial position and working with our lenders to support our future success.”
“We appreciate the constructive engagement we’ve had with our lenders to date, and we look forward to continuing to work together towards the best path for the business and all our stakeholders. We are also grateful to our employees for their continued hard work and dedication,” he said.
“As we move forward, our team remains focused on delivering a long-life, safe and low-degradation battery system for long duration energy storage applications. We look forward to completing the sale process and to charting a healthy and successful next chapter for Ambri.”
dm.epiq11.com/case/ambri/info; www.ambri.com.
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