Amprius Technologies, Inc., a manufacturer of next-generation lithium-ion batteries with its Silicon Anode Platform, announced that it has received contracts totaling over $20 million to supply 40 Ah high-performance cells for Light EVs (LEV) applications. Shipments are expected to begin in 2024, with full revenue recognition anticipated by mid-2025.
The 40 Ah high-performance cells were selected for their high-energy density, safety features, and competitive costs. Designed specifically for LEV applications, these larger format cells reinforce Amprius’ position in the sector as more customers adopt its battery technology.
“This customer commitment follows our recent 2 GWh potential Letter of Intent with a Fortune 500 company,” said Dr. Kang Sun, CEO of Amprius Technologies. “The performance of our batteries allows us to accelerate the customer validation process within our expanding sales pipeline. With over 500 MWh of capacity currently available, we are well-positioned to meet the growing demand for high-performance silicon anode batteries in light electric vehicles and aviation. We expect this momentum to contribute to significant business growth, with additional purchase orders anticipated to support the expanding electric mobility market.”
In June, Amprius announced partnerships with several Asia-based contract manufacturers, enabling the company to meet customer demand promptly without additional capital expenditure. Utilizing this capacity, Amprius is advancing commercial engagements across various sectors of the electric mobility industry. In the first half of 2024, the company shipped batteries to over 130 customers, including 100 new clients. Efforts continue to increase production at its Fremont, California facility to 2 MWh and to finalize design plans for a gigawatt-hour-scale factory in Brighton, Colorado.
According to a Providence Research Report, the LEV market is projected to reach $205.7 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.74% from 2023 onward. This growth is expected to drive increased demand for high-performance batteries in the micro-mobility sector.
Source: BusinessWire
