Grid Storage Startup Ambri Raises $35 Million
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Energy storage startup Ambri has closed a $35 million financing round that will help fund the delivery of its first systems to customers.
Earlier investors Khosla Ventures, Bill Gates and energy company Total participated in the Series C round, joined by new investors KLP Enterprises, Building Insurance Bern and others.
The Cambridge, Mass., company has developed a storage technology it calls Liquid Metal Battery, designed to help integrate wind and solar energy into the power grid. The basic concept is that companies could store the output of those intermittent sources for when it’s most needed, reducing reliance on power plants and improving overall efficiency.
“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,” said Andrew Chung, a Khosla partner and Ambri board member, in a statement. “Large-scale, cost-effective electricity storage will be a critical part of reinventing our global electric grid infrastructure.”
The company, which has raised more than $50 million to date, also plans to use the latest funds to construct its commercial manufacturing plant and continue research and development.
Ambri recently won deals to deploy its prototype systems in Alaska, Hawaii, Massachusetts and New York, with various regional partners.