Japan Energy Fund invests in Ambri, an MIT spin-out developer of stationary batteries for renewable energy generation, alongside co-investors including Bill Gates, Reliance Industries, and Paulson & Co.

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London, 24 August ― Japan Energy Fund is pleased to announce that it has invested in Ambri, Inc, a US company and MIT spin-out engaged in the research, development and commercialisation of stationary liquid metal batteries for renewable energy power plants and large energy users. Ambri has raised USD 144 million in their Series E round, which includes funding from Bill Gates, India’s largest private sector company Reliance Industries, US hedge fund Paulson & Co., and our own Japan Energy Fund. 

Ambri and Japan Energy Fund have been acquainted since Ambri participated in the 2020 edition of Japan Energy Challenge (renamed ENECHANGE Insight Ventures in 2021), our energy innovation programmes aimed at helping international energy sector companies demonstrate their products with their first major customer in Japan.

Ambri’s products rely on their proprietary, patented liquid metal™ technology, and have been designed to solve outstanding issues associated with lithium-ion batteries: safety, cost, and longevity. Their solution is key in energy storage innovation, especially in light of the steady increase of renewable energy on the grid, which is less stable than energy generated from fossil fuels. Partnering with developers of renewable projects, Ambri is now able to scale for projects from 10 MWh to over 2 GWh around the globe. 

A common hurdle with installing storage batteries is the relatively high cost. Ambri’s technology and products tackle this issue by utilising cheaper materials, simplifying assembly, and reducing the need for cooling and temperature control, making their products highly cost-effective and competitive. Hence, we are confident that Ambri has the technology to make a significant contribution to the decarbonisation of Japan.

Ambri will manufacture calcium and antimony electrode-based cells and containerised systems that can operate safely without needing supplemental air conditioning, are cheaper than lithium-ion batteries, and have a 20-year-plus lifespan with minimal degradation. The batteries are designed to last for durations ranging from 4 to 24 hours. This also makes them ideal candidates for applications like shifting energy from daytime solar generation to peak times. 

About Ambri

Ambri Inc. has developed and is commercialising a new, long-duration battery technology that will enable widespread use of renewable energy sources, reduce electricity costs, and enable power systems to operate more reliably and efficiently. The liquid metal™ battery project began at MIT in the lab of Professor Donald Sadoway, and the company was formed in 2010 when the project achieved significant technical breakthroughs. The company has already delivered demonstration cells & systems to a number of customers and plans to begin large scale production in 2023. 

Ambri has previously raised funds from Bill Gates, Khosla Ventures, TOTAL SE, and others, and the new investors include Reliance Industries, an Indian conglomerate and the country’s largest private sector company, and Paulson & Co, a US hedge fund and the largest shareholder in Perpetua Resources, an Idaho-based natural resources company. 

For more information: www.ambri.com

About Japan Energy Fund  

Backed by prominent Japanese companies, our Fund aims to build a sustainable society through investment in innovative international companies with technologies related to decarbonisation. There are two main axes in the Fund’s initiative: JEF Renewables and JEF Ventures. The former invests in renewable energy businesses in emerging countries, and the latter invests in energy-based start-ups with advanced technologies in European and North American countries with advanced energy markets. Through these investments, the Fund aims to build a sustainable society focusing on five SDG goals.

For more information: japanenergy.fund