In a recent development, Ambri Inc. has stated that it has obtained a $144 million financing to commercialize its long-duration battery system and build a high-volume manufacturing facility.
The newest round was led by strategic investors Reliance New Energy Solar Ltd, and also includes Ambri’s largest shareholder, Bill Gates.
Massachusetts-based battery startup was founded in 2010 as a spinout of the Massachusetts Institute for Technology’s Deshpande Center for Technological Innovation, beginning with a 2007 project to make a high-amperage energy storage device. The company has after raised over $211 million via five funding rounds. Gates was an early investor, following its first Series A round in 2011.
Further, Ambri is drawing increased demand from the grid-scale energy storage market and large industrial energy consumers, such as data centres. Last year, the firm signed an agreement with data center firm TerraScale to combine its energy storage system into Nevada’s 3,700-acre Energos Reno data centre project.