American firm Ambri raises $15M in funding to store renewable energy

By VCPOST Staff Reporter

May 01, 2014 08:13 AM EDT

Ambri has just closed $35 million in a recent funding round led by KLP Enterprises and Building Insurance Bern to find a way to supply power grids with stored renewable energy. Existing investors Khosla Ventures, Total, and Bill Gates also backed the round, according to TechCrunch.

Khosla partner Andrew Chung said of Ambri's technology: "Ambri's solution is highly distinguished from others in the marketplace on cost and performance -- thanks to a simple manufacturing process, use of cheap and safe materials, and significantly longer lifetime compared to other approaches we've seen."

Ambri will use the new capital to commercialize its system, build a commercial scale manufacturing facility, and develop its product. The firm has already struck deals to construct prototype storage systems in Hawaii, New York, Alaska, and Massachusetts. Among its partners for these deals are First Wind, Hawaiian Electric, Con Edison, Energy Excelerator (Hawaii), Raytheon, and Joint Base Cape Cod, the report detailed.

Formerly called the Liquid Metal Battery Corp, Ambri is working on battery technology based on the research of Massachusetts Institute of Technology (MIT) professor Dr. Donald Sadoway. Launched in 2012, the firm has raised a total capital of $50 million. Ambri is the only license holder for MIT-developed liquid metal battery technology, TechCrunch reported.

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