Ambri Inc., a U.S. developer of liquid-metal battery technology, received $35 million from investors including Bill Gates and Vinod Khosla to build a commercial-scale factory.
KLP Enterprises LLC was among the investors that joined existing backers Gates, Khosla Ventures LLC and Total SA in the Series C funding round, Cambridge, Massachusetts-based Ambri said today in a statement. The company has raised more than $50 million in equity since it was founded in 2010 by researchers from the Massachusetts Institute of Technology.
Ambri’s batteries complement wind and solar farms, retaining power until sundown or when the breeze dies down so the plants deliver around-the-clock energy. That will make renewable resources as reliable as fossil fuels. It’s also an alternative to other storage technologies such as pumped-water plants.
The company has been approved to deploy prototypes in four states and is working with a half-dozen partners including First Wind Holdings Inc. and Consolidated Edison Inc., according to the statement.
Ambri opened its first manufacturing plant in November and won a $250,000 grant in February to test a prototype battery with Con Edison.