- Amprius Technologies Inc has agreed to merge with a special-purpose acquisition company (SPAC)that values the company at about $1.3 billion and would take it public, Wall Street Journal reported.
- Amprius makes batteries that it says are more powerful than conventional lithium-ion cells because they use energy-dense silicon in the battery’s anode instead of graphite, the traditional material.
- The company sells them to customers such as Airbus SE (OTC:EADSY) and the U.S. Army to power electric aircraft and drones and says it can also be used for electric cars.
- Amprius is combining with the transportation-focused SPAC Kensington Capital Acquisition Corp IV (NYSE:KCGI) in a deal that will be unveiled Thursday.
- Founded in 2008, Amprius joins many other clean-energy startups in reaching a SPAC deal to go public.
- As part of the deal, Amprius plans to raise $200 million in equity from investors.
- That money and the $230 million the Kensington SPAC raised in March could be used to expand the business, though SPAC investors can pull out their money before a deal goes through.
- Photo via Company
