Battery Developer Backed by Paulson, Gates Files for Bankruptcy
- Ambri has been working on an industrial battery since 2010
- Noteholders to make first bid at court-supervised auction
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Ambri Inc., which has been trying to build an industrial-scale battery for 14 years, filed for bankruptcy after it ran through all the cash it had received from investors, including firms tied to Microsoft Corp. co-founder Bill Gates and hedge fund billionaire John Paulson.
The company plans to sell itself to noteholders unless a proposed auction yields a better offer. Those noteholders include Gates Frontier, and Paulson Partners, which will loan Ambri an additional $9.5 million to pay for the Chapter 11 case, according to court documents.