Fulfills Significant Customer Demand by Providing Immediate Scale-Up Flexibility Without Major Incremental Costs
FREMONT, Calif. – June 20, 2024 – Amprius Technologies, Inc. (“Amprius”) (NYSE: AMPX), a leader in next-generation lithium-ion batteries with its Silicon Anode Platform, today announced a strategic initiative to rapidly increase the global production capacity of its SiCoreTM offering through new manufacturing partnerships. Amprius has signed agreements with several contract manufacturers to secure over 500 MWh of production capacity for its SiCore battery and is engaging with potential additional partners across a network of established Asia-based contract manufacturers.
Since announcing the SiCore platform in January, customers’ demand for large quantities of cells has increased, necessitating the acceleration of SiCore production. The strategic agreements will supply SiCore pouches in various chemistries and form factors, including 18650 and 21700 cylindrical cells.
“Ensuring timely delivery of our cells while maintaining high quality is crucial to our growth,” said Dr. Kang Sun, CEO of Amprius Technologies. “Through these manufacturing partnerships, we expect to achieve the flexibility to scale rapidly, maintain competitive pricing, and meet the diverse needs of our customers. Partnering with established companies eliminates upfront capital expenditures and ensures immediate availability to accelerate our customers’ qualification process and move them into production.”
The flexible capacity allows Amprius to quickly scale up or down production volumes in response to market demand without delays or significant costs. The contract manufacturing partnerships are structured to secure timely and efficient delivery, with stringent quality control measures so every SiCore battery meets our high standards of performance and reliability. Multiple manufacturing partners also helps mitigate risks from potential production delays, equipment failures, and supply chain disruptions.
The SiCore product family complements Amprius’ industry-leading SiMaxx TM product line. By leveraging Amprius’ innovative silicon anode cell technology, the SiCore cell family offers versatility that is unparalleled in commercially available batteries, featuring a cell with up to a 50% increase in energy density for extended range and a cell with over 1,200 cycles for exceptional longevity.
For more information, please visit the Company’s investor relations website at ir.amprius.com.
About Amprius Technologies, Inc.
Amprius Technologies, Inc. is a leading manufacturer of high-energy and high-power lithium-ion batteries producing the industry’s highest-known energy density cells. The company’s commercially available SiMaxx™ batteries deliver up to 450 Wh/kg and 1,150 Wh/L, with third-party validation of 500 Wh/kg and 1,300 Wh/L. The company’s corporate headquarters is in Fremont, California, where it maintains an R&D lab and a MWh scale manufacturing facility for the fabrication of silicon anodes and cells. To serve customer demand, Amprius entered into a lease agreement for an approximately 774,000 square foot facility in Brighton, Colorado and expanded its product portfolio to include the SiCore™ platform. For additional information, please visit amprius.com. Also, see the company’s LinkedIn and Twitter pages.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Amprius’ engagement with contract manufacturers, future demand for Amprius’ batteries, the manufacturing partners’ compliance with the terms of the applicable commercial agreement, Amprius’ ability to scale rapidly, maintain competitive pricing, and meet the diverse needs of our customers, and the other expected benefits from the new manufacturing arrangements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Amprius’ management and are not predictions of actual performance. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties. These forward-looking statements are subject to a number of risks and uncertainties, including market demands for SiCore batteries; the ability of Amprius to deliver high performance products to customers at acceptable prices and meet their demands via the toll manufacturing arrangements; Amprius’ ability to reduce costs as it scales production; delays in permitting, construction and operation of production facilities; third-party producers of Amprius batteries continuing to produce such batteries in the expected quantities and caliber and at the expected prices; Amprius’ customers continuing to purchase batteries directly from Amprius; Amprius’ liquidity position; risks related to the rollout of Amprius’ business and the timing of expected business milestones; Amprius’ ability to commercially produce high performing batteries; the effects of competition on Amprius’ business; supply shortages in the materials necessary for the production of SiCore or SiMaxx batteries; and changes in domestic and foreign business, market, financial, political and legal conditions. For more information on these risks and uncertainties that may impact the operations and projections discussed herein can be found in the documents we filed from time to time with the Securities and Exchange Commission (the “SEC”), all of which are available on the SEC’s website at www.sec.gov. There may be additional risks that Amprius does not presently know or that Amprius currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Amprius’ expectations, plans or forecasts of future events and views as of the date of this press release. These forward-looking statements should not be relied upon as representing Amprius’ assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Except as required by law, Amprius specifically disclaims any obligation to update any forward-looking statements.
Contacts:
Investors
Tom Colton, Chris Adusei-Poku
Gateway Group, Inc.
949-574-3860
IR@amprius.com
Media
Zach Kadletz, Brenlyn Motlagh
Gateway Group, Inc.
949-574-3860
Amprius@gateway-grp.com
