Amprius Technologies Inc. has signed an agreement with a special-purpose acquisition company taking the value of the silicon-anode battery maker to nearly $1.3 billion and is also expected to take it public, the company officials said.
The company sells the batteries to its customers, which include Airbus and the US Army to power electric aircraft and drones and also claims that these batteries can be used for electric vehicles as well.
Based in Fremont, California, Amprius says it outperforms traditional lithium-ion batteries because it uses energy-dense silicon for the battery's anode instead of the traditional material graphite.
According to Amprius, the company has been on the market since 2018, has a patented design with an anode made entirely of silicon, and is sufficient to power electric planes that have received less attention from battery makers.
Many recently launched startups have faced technological hurdles, global supply chain disruptions, tumbling stock prices, and the slowed pace of new activity this year of new activity so far this year.
As part of the transaction, Amprius will raise $200 million in shares from investors. That money and the $230 million Kensington SPAC raised in March can be used to expand the business. However, SPAC investors can withdraw funds before the deal is closed. Low stock prices usually lead to such a withdrawal.