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

Amprius Technologies, a leader in next-gen lithium-ion batteries, has secured two contracts worth over $20 million to supply 40 Ah high-performance cells for Light Electric Vehicle (LEV) applications. This demonstrates the company’s capability to rapidly move customers through commercial validation, secure volume purchase commitments, and deliver large quantities of cells. Amprius plans to start shipping the cells in 2024, expecting to recognize the entire revenue from the contracts by mid-2025. The company’s Silicon Anode Platform, known for enhancing battery performance, is central to these contracts.

Amprius’ 40 Ah high-performance cells were chosen for their superior energy density, enhanced safety features, and cost-effectiveness, making them ideal for Light Electric Vehicle (LEV) applications. These larger-format cells are designed specifically for LEVs, further establishing Amprius as a key player in the sector. The selection underscores the growing interest from customers in the company’s cutting-edge battery technology, which offers distinct performance advantages, solidifying its leadership in next-generation battery solutions.

“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.”

Amprius Technologies has strategically partnered with contract manufacturers in Asia to scale up production and meet growing demand without the need for additional capital expenditures. This network allows for immediate flexibility in production capacity, crucial for advancing commercial engagements in the electric mobility industry. In the first half of 2024, Amprius shipped batteries to over 130 customers, including 100 new clients, reflecting its expanding reach.

The company is also scaling up operations at its Fremont, California facility to 2 MWh and finalizing plans for a gigawatt-hour-scale factory in Brighton, Colorado. Additionally, Amprius signed a Letter of Intent (LOI) in September with a Fortune Global 500 company in the Light Electric Vehicle (LEV) sector, signaling deeper involvement in this rapidly growing market.

The LEV market is projected to reach $205.7 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.74% from 2023 onward. This growth is expected to drive increasing demand for high-performance batteries, positioning Amprius to capitalize on the expanding micro-mobility sector.

For more information, please visit the Amprius investor relations website at ir.amprius.com.