Amprius Technologies, which claims to be the leader in lithium-ion batteries with its Silicon Nanowire Anode Platform, has completed its business combination with Kensington Capital Acquisition Corp.
The Combination was approved by Kensington shareholders at a special meeting held on 13 September, and on 15 September its common stock began trading on the NYSE under the ticker symbol “AMPX”.
Amprius Technologies has developed an ultra-high energy density lithium-ion battery for mobility applications by leveraging silicon nanowire anode technology that enables batteries with a higher energy and power density, and fast charging over a wide range of operating temperatures compared to conventional graphite lithium-ion batteries.
The company claims it has the highest energy density, commercially available lithium-ion batteries in the world at 450 Wh/kg or 1150 Wh/L, and has achieved a fast charge capability of 80% charge in six minutes.
It says its 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 applications in electric transportation.
In June, Amprius provided batteries for the high altitude Airbus Zepher experimental drone aircraft for the US Army from Arizona which flew for 64 days.
Amprius CEO Dr Kang Sun said: “This transaction provides Amprius with capital to scale production capabilities to meet the significant demand for our silicon nanowire anode technology and we look forward to further advancing our mission of enabling the future of electric mobility.”
Kensington chairman and CEO Justin Mirro added: “Our business combination with Amprius will accelerate the adoption of electric mobility in the sky and on the ground and through the leadership of Kang Sun, Amprius has created a world-class team that is producing and selling next-generation batteries today.”
Kensington vice chairman and president Dieter Zetsche continued: “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 which 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, while Oppenheimer & Co served as financial advisor, Wilson Sonsini Goodrich & Rosati as legal advisor, and SingerLewak as auditor to Amprius.