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…
