MARLBOROUGH, Mass.--(BUSINESS WIRE)--Ambri, the provider of long-duration Liquid Metal™ battery storage systems, today confirmed the closing of the sale of its assets in accordance with Section 363 of the Bankruptcy Code to a consortium of its lenders (the "Lender Consortium"), on July 31, 2024.
The Lender Consortium’s bid was selected following a competitive sale process. Earlier this year, Ambri’s board, management and its lenders determined that a court-supervised 363 sale process was the best course to facilitate a comprehensive recapitalization and to secure its position for long-term growth and profitability. The Lender Consortium comprises a group of Ambri’s pre-bankruptcy investors, including funds managed by each of Gates Frontier, Paulson and Co. Inc., Fortistar, and other investors. Ambri emerges from the sale with additional capital contribution from the Lender Consortium.
Ambri will be led by co-founder Dr. David Bradwell as its chief executive officer. David has served as the company’s CTO since its founding in 2010 after co-inventing Ambri’s Liquid Metal™ battery while earning his PhD in Materials Science and Engineering from Massachusetts Institute of Technology. David will partner with the company’s board of directors and lead its executive team – the members of which are detailed here on the company’s website.
"The team at Ambri has continued to make impressive progress towards a commercial long-duration battery system, including developing our third-generation cell product," said David Bradwell. "I am grateful for the dedication of our team and the support of our investors as we emerge as a leaner and more capital efficient organization. We look forward to offering our unique, safe, and low-cost commercial product to our customers at scale, to meet the strong customer demand for our battery systems, and for a cleaner energy future. As we embark on this fresh start with a stronger balance sheet and new capital, we are focused on positioning Ambri to play a leading role in the long duration energy storage market for the benefit of our stakeholders."
Additional Information
Court filings and additional information related to the restructuring proceedings are available at: https://dm.epiq11.com/case/ambri/info
Advisors
Goodwin Procter, LLP and Potter Anderson are serving as legal counsel, Portage Point Partners is serving as restructuring advisor and investment banker. Kirkland & Ellis and Morris Nichols are legal counsel to the Lender Consortium.
About Ambri
Ambri’s Liquid Metal™ battery technology solves the world’s biggest energy problems – fundamentally changing the way power grids operate by increasing the contribution from renewable resources and reducing the need to build traditional power plants. Ambri’s long-duration energy storage solution is built for daily cycling – even in extreme, harsh environments. With a lifespan of 20+ years with minimal fade, Ambri systems are not only extremely reliable but also safe, as Ambri systems do not produce or emit any gases and there is no possibility for thermal runaway. For more information, visit www.ambri.com.
