Business & Finance

Silicon Battery Maker Amprius to Go Public in $1.3 Billion SPAC Merger

This Article was last updated 6 days ago by Ola

Also Checkout This Trending Articles on TmZ Blog Plastic Surgeries and Implants

Silicon Battery Maker Amprius to Go Public in $1.3 Billion SPAC Merger #Silicon #Battery #Maker #Amprius #Public #Billion #SPAC #Merger Welcome to TmZ Blog, here is the new story we have for you today:

apps

You Can Click Here To View Restricted Videos/Images in this Article

Amprius Technologies Inc. has reached a deal with a special-purpose acquisition company that values the maker of silicon-anode batteries at about $1.3 billion and would take it public, company officials said.

Based in Fremont, Calif., Amprius makes batteries that it says are more powerful than conventional lithium-ion cells because they use energy-dense silicon in the battery’s anode instead of graphite, the traditional material. The company currently sells them to customers such as

Airbus

EADSY -0.86%

SE and the U.S. Army to power electric aircraft and drones and says they can also be used for electric cars.

Amprius is combining with the transportation-focused SPAC Kensington Capital Acquisition Corp. IV in a deal that is set to be unveiled Thursday.

Money is a sticking point in climate-change negotiations around the world. As economists warn that limiting global warming to 1.5 degrees Celsius will cost many more trillions than anticipated, WSJ looks at how the funds could be spent, and who would pay. Illustration: Preston Jessee/WSJ

Follow Us For More

Several other companies, including silicon-anode battery firm

Enovix Corp.

, are working to mass produce batteries that can store more energy and power electric vehicles further between charges, advancements that analysts say could make them more mainstream and reduce the world’s reliance on fossil fuels.

Amprius says it is unique because it has been selling products commercially since 2018, has a patented design to make anodes completely out of silicon and makes batteries strong enough to power electric aircraft, which haven’t received as much attention from battery makers.

“We believe this will be a mainstream technology,” Kang Sun, CEO of Amprius, said in an interview. He said the company hopes to use the money from the deal to scale its manufacturing capacity and meet demand.

Founded in 2008, Amprius joins many other clean-energy startups in reaching a SPAC deal to go public.

Also called a blank-check firm, a SPAC is a shell company that raises money and trades on a stock exchange with the intent of combining with a private firm to take it public. After a deal is reached and approved by regulators, the company going public replaces the SPAC in the stock market. Such mergers have become popular alternatives to traditional initial public offerings in the past few years, allowing companies to raise cash while accessing individual investors.

1 2Next page

Related Articles

Leave a Reply

Back to top button

AdBlocker Detected

Please disabled your AdBlocker to enable you use our website seamlessly