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- Ambri
Ambri Valuation, Funding & Investors
Ambri is valued at $400M as of August 2024.
Last Ambri valuation
$400M
Series A · Aug 2024
Last Ambri funding round
$11M
Series A · Aug 2024
Cumulative funding Ambri raised
$207M
across 4 funding rounds
Key investors in Ambri
Bill Gates
Khosla Ventures
Elemental Impact
Reliance Industries
Japan Energy Fund
Fortistar
About Ambri
Ambri is a Marlborough, Massachusetts-headquartered developer of liquid metal batteries for grid-scale energy storage. The technology supports renewable integration and grid stabilization with long-duration, low-cost performance suitable for utility-scale applications.
Founded
2010
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$400M (Aug 2024)
Sectors
Ambri Valuation
Ambri is currently valued at $400M, based on its Series A in August 2024.
Ambri valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2024 | Series A | $400M |
Ambri Funding History
Ambri has raised a total of $207M across 4 funding rounds.
Ambri's first fundraising round was a $35M Series C in April 2014. The most recent completed round was a $11M Series A in August 2024.
Ambri funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2024 | Series A | - | $11M | $400M | Ambri develops long-duration energy storage batteries using liquid metal technology, designed for grid-scale applications and industrial customers like data centers. The company targets daily cycling systems that outperform lithium-ion batteries in cost, longevity, safety, and operation across climates, with durations from 4 to 24 hours and over 20 years of life. In its Series F funding round, Ambri raised $200M at a $400M valuation, led by Bill Gates with participation from Khosla Ventures, Total Energy Ventures, and Paulson & Co. Proceeds support accelerating product development, team expansion, and global operations scaling. Earlier, in 2021, Ambri secured a $144M financing led by Reliance New Energy Solar Ltd and Paulson & Co., including Bill Gates, to build U.S. and international manufacturing facilities and partner for production in India. Ambri faced challenges pursuing a $300M Series F and $50M bridge loan in 2023, leading to Chapter 11 bankruptcy filing to restructure, including exiting a Massachusetts facility lease, amid $1.7B in MOUs but high factory build costs. |
| Aug 2021 | Series E | Reliance Industries (lead); Goehring & Rozencwajg Associates; Japan Energy Fund; Paulson & Co.; Bill Gates; Fortistar | $144M | - | Ambri Inc. is a Massachusetts-based energy storage company developing liquid metal battery technology for daily cycling, long-duration energy storage to support grid-scale renewable energy. In September 2021, Ambri secured $144 million in funding from investors including Reliance New Energy Solar Ltd (a Reliance Industries subsidiary leading with $50 million for 42.3 million shares of preferred stock), Paulson & Co., Bill Gates, Fortistar, Goehring & Rozencwajg Associates, and Japan Energy Fund. The funds aim to commercialize the technology, scale operations, build a domestic manufacturing facility, and meet growing customer demand. Reliance views the investment as key to its decarbonization strategy, partnering strategically with Ambri to develop and manufacture batteries in India as part of the Dhirubhai Ambani Green Energy Giga Complex, the world's largest integrated renewable energy manufacturing facility. Ambri also secured a long-term antimony supply agreement with Perpetua Resources (major shareholder Paulson & Co.) to bolster its domestic supply chain for battery chemistry. Mukesh Ambani emphasized exploring advanced electrochemical technologies for large-scale grid batteries to ensure round-the-clock power via generation, storage, and grid connectivity. The investment supports global commercialization and infrastructure buildout amid expanding demand for long-duration storage solutions. |
| Dec 2018 | Undisclosed stage | - | $17M | - | - |
| Apr 2014 | Series C | Elemental Impact (lead); Khosla Ventures (lead); KLP Enterprises; Building Insurance Bern; Bill Gates | $35M | - | Ambri, formerly Liquid Metal Battery Corporation, develops liquid metal batteries for grid-scale energy storage, based on technology licensed from MIT and founded by Professor Donald Sadoway and David Bradwell. The company raised $35 million in a Series C funding round on April 30, 2014, led by Elemental Impact and Khosla Ventures, with participation from new investors KLP Enterprises (family office of Karen Pritzker and Michael Vlock), Building Insurance Bern, and previous backers Bill Gates and Total. This brought total funding since 2012 to over $50 million, following earlier rounds and ARPA-E support of nearly $7 million in 2009. The proceeds were allocated to deliver first commercial systems to customers, construct an initial commercial-scale manufacturing plant, and advance technology development. Ambri had prototype agreements with partners including First Wind, Hawaiian Electric, Joint Base Cape Cod, Con Edison, Energy Excelerator, and Raytheon in locations such as Massachusetts, Hawaii, New York, and Alaska. By late 2013, the company had launched its first factory for liquid metal batteries. Ambri targeted cost-effective grid storage amid challenges in the sector, with competitors like Aquion Energy also securing significant investments from Bill Gates and others. |
Who has invested in Ambri?
10 investors have backed Ambri across its funding rounds, including Bill Gates, Khosla Ventures, Elemental Impact, Reliance Industries, Japan Energy Fund and Fortistar.
Lead investors include Reliance Industries, Elemental Impact and Khosla Ventures.
Ambri Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Apr 2014 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Apr 2014 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Apr 2014 | ||
| 1 | Lead | Aug 2021 | ||
| 1 | Lead | Apr 2014 | ||
This data is available for Pro users. Sign up to see all 10 Ambri investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAmbri Competitors
Ambri competitors include listed companies like Hexagon Composites and FTAI Infrastructure, and private ones like Lohum, Xingchen New Energy, Battery Smart and Instagrid.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $57M | - | $422M | 7.4x | ||
| Private | $145M | - | $435M | 3.0x | ||
| Publicly listed | $314M | ($83M) | $444M | 1.7x | ||
| Private | $18M | - | $450M | 25.0x | ||
| Private | - | - | $450M | - | ||
| Publicly listed | $503M | $243M | $330M | 6.3x |
Ambri Public Comps
Ambri is still privately-owned, but its public comps include Hexagon Composites, FTAI Infrastructure, Electrovaya, American Battery Tech, Alfen, Microvast, Solid Power, NeoVolta, SES AI and Factorial Energy.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $314M | ($83M) | 1.8x | 1.7x | (6.9x) | 21.2x | |||
| $503M | $243M | 8.2x | 6.3x | 17.0x | 14.5x | |||
| $64M | $5M | 5.5x | 4.9x | 65.2x | 31.2x | |||
| $22M | ($69M) | 12.5x | 11.3x | (3.9x) | (12.7x) | |||
| $502M | $24M | 0.6x | 0.5x | 11.4x | 10.4x | |||
| $428M | $3M | 0.7x | 0.8x | 122.6x | 9.6x | |||
| $18M | ($87M) | 19.3x | 38.3x | (4.0x) | (4.3x) | |||
| $8M | ($5M) | 23.2x | 5.8x | (42.1x) | (20.0x) | |||
This data is available for Pro users. Sign up to see all Ambri competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Ambri
| When was Ambri founded? | Ambri was founded in 2010. |
| Where is Ambri headquartered? | Ambri is headquartered in Boston, MA, United States. |
| Is Ambri publicly listed? | No, Ambri is a private, VC-backed company. |
| What is Ambri's valuation? | Ambri was last valued at $400M in its Series A in August 2024. |
| How much funding has Ambri raised? | Ambri has raised $207M across 4 funding rounds. |
| What was Ambri's last funding round? | Ambri's last funding round was a $11M Series A in August 2024. |
| Who are Ambri's investors? | Ambri's investors include Bill Gates, Goehring & Rozencwajg Associates, Japan Energy Fund, KLP Enterprises, Paulson & Co., Building Insurance Bern, Reliance Industries, Elemental Impact, Khosla Ventures and Fortistar. |
| Which companies are comparable to Ambri? | Companies comparable to Ambri include Lohum, Xingchen New Energy, Hexagon Composites, Battery Smart, Instagrid and FTAI Infrastructure. |
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