Amprius Secures Over $20 Million in Contracts for Light Electric Vehicle Applications

Rhea-AI Summary

Amprius Technologies (NYSE: AMPX) has secured over $20 million in contracts to supply 40 Ah high-performance cells for Light Electric Vehicle (LEV) applications. The company expects to begin shipping cells in 2024 and recognize all revenue by mid-2025. Amprius' cells were chosen for their higher energy density, safety features, and competitive costs.

This development follows a recent 2 GWh potential LOI with a Fortune 500 company. Amprius currently has over 500 MWh of capacity available and is ramping up its Fremont, California facility to 2 MWh while finalizing plans for a gigawatt-hour scale factory in Brighton, Colorado. In the first half of 2024, Amprius shipped batteries to over 130 customers, including 100 new ones.

The LEV market is projected to reach $205.7 billion by 2032, with a CAGR of 9.74% from 2023 onward.

Positive

• Secured over $20 million in contracts for LEV applications
• Expected to recognize 100% of the revenue by mid-2025
• Shipped batteries to over 130 customers in H1 2024, including 100 new ones
• Currently has over 500 MWh of production capacity available
• Ramping up Fremont facility to 2 MWh and planning gigawatt-hour scale factory in Colorado

Negative

• None.

Potential for Additional Commitments with New Manufacturing Production Access

FREMONT, Calif.--(BUSINESS WIRE)-- Amprius Technologies, Inc. (“Amprius” or the “Company”) (NYSE: AMPX), a leader in next-generation lithium-ion batteries with its Silicon Anode Platform, today announced it has received two contracts to supply 40 Ah high-performance cells for Light Electric Vehicle (“LEV”) applications. The contracts total exceeds $20 million and highlights Amprius’ ability to quickly move customers through the commercial validation process, secure volume purchase commitments, and deliver large quantities of cells to customers. Amprius expects to begin shipping the cells in 2024 and recognize 100% of the revenue by mid-2025.

Amprius secures over $20 million in contracts for LEV applications. (Photo: Business Wire)

Amprius’ 40 Ah high-performance cells were selected due to their higher energy density, safety features, and competitive costs. These larger format cells are specifically built for LEV applications, validating Amprius’ position as a key player in the sector as more customers are drawn to the distinct advantages of the Company’s industry leading battery performance.

“This is another strong customer commitment following our recent 2 GWh potential LOI with a Fortune 500 company. The attraction of Amprius battery performance enables us to accelerate the customer commercial validation process of our growing sales pipeline,” said Dr. Kang Sun, CEO of Amprius Technologies. “With over 500 MWh of capacity currently available, we can quickly meet increasing demand for Amprius high-performance silicon anode batteries in light electric vehicles and aviation. This is just the beginning, and we expect this momentum to drive significant business growth, with more purchase orders on the horizon to support the expanding demand in electric mobility applications.”

In June, Amprius announced several contract manufacturers across a network of established Asia-based manufacturers, allowing for the Company to fulfill customer demand by providing immediate scale-up flexibility without incremental capital expenditures. Utilizing the available capacity, Amprius is committed to advancing commercial engagements with customers across the various sectors of the electric mobility industry. In the first half of 2024, Amprius shipped batteries to over 130 customers, 100 of which were new. Amprius is also continuing to ramp up its Fremont, California facility to 2 MWh and finalize design plans for its gigawatt-hour scale factory in Brighton, Colorado.

As the need for additional energy and power solutions in the LEV market increases, Amprius continues to work with the growing industry and announced it signed an LOI with a Fortune Global 500 leader in LEVs earlier in September.

The LEV market is expected to grow rapidly, reaching an estimated $205.7 billion by 2032, with a compound annual growth rate (CAGR) of 9.74% from 2023 onward, according to a Providence Research Report. This growth will continue to drive increasing demand for high-performance batteries across the micro-mobility sector.

For more information, please visit the Amprius 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 500Wh/kg and 1,300 Wh/L. Amprius expanded its product portfolio to include the SiCore™ platform in 2024, significantly enhancing its ability to serve additional customer applications. 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 several agreements to secure over 500 MWh of contract manufacturing available today and entered into a lease agreement for a gigawatt-hour-scale facility in Brighton, Colorado. 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 the potential application and addressable market of Amprius’ batteries, Amprius’ ability to accelerate the customer validation process, secure volume purchase commitments, and deliver large quantities of cells to customers, Amprius’ ability to drive and meet increasing demand from customers and drive business growth, Amprius’ ability to ramp up its Fremont facility and finalize the design plan for its Brighton facility, and the performance of Amprius’ batteries. 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 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 Amprius’ products; 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240923212068/en/

Investors

Tom Colton, Greg Bradbury

Gateway Group, Inc.

949-574-3860

IR@amprius.com



Media

Zach Kadletz, Brenlyn Motlagh

Gateway Group, Inc.

949-574-3860

Amprius@Gateway-grp.com

Source: Amprius Technologies, Inc.

FAQ

What is the value of Amprius Technologies' recent contracts for LEV applications?

Amprius Technologies (AMPX) has secured over $20 million in contracts to supply 40 Ah high-performance cells for Light Electric Vehicle (LEV) applications.

When does Amprius expect to begin shipping cells and recognize revenue from these contracts?

Amprius expects to begin shipping the cells in 2024 and recognize 100% of the revenue by mid-2025.

How many customers did Amprius ship batteries to in the first half of 2024?

In the first half of 2024, Amprius shipped batteries to over 130 customers, 100 of which were new.

What is the projected growth of the LEV market according to the Providence Research Report?

The LEV market is expected to reach an estimated $205.7 billion by 2032, with a compound annual growth rate (CAGR) of 9.74% from 2023 onward.

What is Amprius' current production capacity for its batteries?

Amprius currently has over 500 MWh of production capacity available for its high-performance silicon anode batteries.