Amprius Technologies, Inc. , a leader in lithium-ion batteries with its Silicon Nanowire Anode Platform, has announced that it has completed its business combination with Kensington Capital Acquisition Corp. IV, a special purpose acquisition company.
Amprius Technologies, Inc. has developed and, since 2018, been in commercial production of an ultra-high energy density lithium-ion battery for mobility applications, leveraging a disruptive silicon nanowire anode. Amprius’ silicon nanowire anode technology enables batteries with a higher energy density, higher power density, and extreme fast charging capabilities over a wide range of operating temperatures, resulting in its batteries providing superior performance compared to conventional graphite lithium-ion batteries. Amprius’ batteries are uniquely positioned to address existing and emerging aviation applications, including unmanned aerial systems, such as drones and high-altitude pseudo satellites as well as broad applications in electric transportation. Amprius has several customers who are successfully using Amprius batteries today in aviation and defense applications.
“Entering the public markets is an important milestone for Amprius, one we have been diligently working towards since our founding,” said Dr. Kang Sun, Chief Executive Officer of Amprius. “This transaction provides Amprius with capital to use in scaling production capabilities to meet the significant demand for our transformational silicon nanowire anode technology. We are thankful for the Kensington team’s support in reaching this important milestone and look forward to further advancing our mission of enabling the future of electric mobility.”
Justin Mirro, Chairman and Chief Executive Officer of Kensington, added: “We are excited to complete our business combination with Amprius, which enhances their business plan and will accelerate the adoption of electric mobility in the sky and on the ground. Through the leadership of Kang Sun, Amprius has created a world-class team that is producing and selling next-generation batteries today.”
Dieter Zetsche, Vice Chairman and President of Kensington, further added, “Amprius batteries are truly revolutionary and will change the way people and products will move in the future.”
The transaction will result in gross proceeds of approximately $87 million to Amprius. Funds from the transaction are expected to support the company through the construction of its gigawatt hour-scale manufacturing facility.
Hughes Hubbard & Reed LLP served as legal advisor and Marcum served as auditor to Kensington. Oppenheimer & Co. Inc. served as financial advisor, Wilson Sonsini Goodrich & Rosati served as legal advisor, and SingerLewak served as auditor to Amprius.