The renewable energy battery developer, an MIT spinout, raised funding that will be used to expand its manufacturing capabilities.
Ambri, a US-based developer of grid battery technology spun out of Massachusetts Institute of Technology (MIT), raised $144m in financing on Monday.
The round was co-led by investment management firm Paulson & Co and Reliance New Energy Solar, a subsidiary of diversified conglomerate Reliance Industries. It included Fortistar, Goehring & Rozencwajg Associates, Japan Energy Fund and private investor Bill Gates.
Ambri produces liquid metal batteries used to store energy generated by renewable power installations for long durations. The technology was developed in the MIT laboratory of its co-founder and chief scientific adviser, Donald Sadoway.
Dan Leff, chairman of Ambri, said: “This financing supports the commercial growth of our company and technology.
“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.”
The company had raised a total of over $50m as of a $35m series C round in 2014 co-led by insurance provider company Building Insurance Bern and family office KLP Enterprises.
Total Ventures, the subsidiary of oil and gas producer TotalEnergies then known as Total Energy Ventures, also took part in the series C round, as did Bill Gates and Khosla Ventures.
Khosla Ventures had already led Ambri’s $15m series B round two years earlier, when it was still known as Liquid Metal Battery, investing alongside TotalEnergies and Gates. Both were described as existing investors, though Ambri has not confirmed details of its series A funding.
